LEGAL FRAMEWORKS FOR THE PROTECTION OF FREEDOM OF BUSINESS: INTERNATIONAL EXPERIENCE AND IMPLICATIONS FOR VIETNAM

Abstract

Abstract: This article examines and compares legal frameworks for protecting the freedom of business in the United States and China, based on three analytical dimensions: market entry, resource allocation, and legal certainty. The analysis reveals two distinct regulatory approaches. The United States operates a decentralized model grounded in constitutional principles, an independent judiciary, and a range of intermediary institutions that provide targeted support, with the aim of promoting substantive equality. In contrast, China adopts a centralized model, employing legal obligations as instruments to guide and regulate the private sector. Drawing on these comparative insights, the article argues that Vietnam should develop a foundational legal framework governing the private sector, while strengthening enforcement mechanisms, enhancing checks on administrative power, and ensuring legal certainty. Such reforms would contribute to the establishment of a stable, transparent, and enabling business environment conducive to long-term development.