Vietnam

Targeted industrial and sectoral subsidies (renewable energy, chip manufacturing, agriculture, green hydrogen, etc).

• ↑expanded sectoral subsidies
• ↓reduced sectoral subsidies

General government spending as share of GDP, excluding transfers already captured under fiscal.transfer_expansion to avoid double-counting.

• ↑higher spending share
• ↓lower spending share

Financial-sector regulation — banking separation, capital requirements, cross-border activity rules, derivatives oversight.

• ↑tighter financial regulation
• ↓looser financial regulation

Product-market regulation, entry barriers, licensing burdens, network-industry regulation, price controls.

• ↑more competition-friendly (lower entry barriers)
• ↓more restrictive regulation, higher entry barriers

Sector-specific licensing regimes, concentration / quota allocation, state-controlled entry (energy, telecoms, healthcare, banking).

• ↑tighter sectoral licensing / more state gating
• ↓looser licensing, more open entry

Trade policy openness — tariffs, non-tariff barriers, FTAs, industrial protection.

• ↑more open trade
• ↓more protectionist

Direction of monetary-base expansion decisions relative to trend. Separate from fiscal.transfer_expansion even when correlated.

• ↑expansionary (balance sheet, rates lower than Taylor)
• ↓contractionary (balance sheet shrink, rates above Taylor)

Independence of the judiciary from executive and legislative encroachment. Specifically captures court-packing, selective prosecution, judicial reshuffles.

• ↑stronger judicial independence
• ↓weaker judicial independence

Security of private property rights — formal recognition, expropriation risk, titling systems.

• ↑stronger property rights
• ↓weaker property rights

Rule of law as institutional substrate — contract enforcement, judicial independence, equal treatment before the law. Upstream of most other axes.

• ↑stronger rule of law
• ↓weaker rule of law