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requires Facebook, Google and other global technology firms to store locally personal data on users in Vietnam and open offices there.

I understand the concerns in this specific case, but that sounds like a law I wish Canada had.
Canada has a higher standard of required security for private data than the US, so some companies contract out the data storage to US soil, to avoid them.
A law like this would protect people from having their data shuffled to whatever region has the fewest restrictions.

They also need to be careful about setting a precedent. If you encourage Google to give the finger to Vietnam, then why does Facebook have to care what the EU thinks?