I don't think so. What it is saying is that if a Vietnam-based cloud company sets up shop, the US cannot mandate that it keep US customer data on US servers. I can see why the US wants this: They want everyone's data in the US. What I cannot see is why anyone else would agree to this.
My guess is that what it really means is that such companies are allowed to operate. OK, fine. But no one is forced to use them. So the US might say "Nice service, Vietnam. But we won't buy it unless you put servers in the US." They aren't forcing anyone to do anything.