Neoliberalism is not centuries old. However, it takes many principles of the Manchester school of economics. That is 19th century, British, early to mid 19th century. It presupposes that the market is king. Neioliberalusm does as well.
Neoliberalism is not limited to the US either. In fact, it started to take shape in its modern form with the UK Conservative,Tory Party in the 1950s. Some elements, though not the same, are straight Austrian and Chicago school of economics. Milton Friedman was a fan.
It is called neo, as in new liberalism. And is is far from that novel.
The first full throated experiment was done in the early days of Pinochet in Chile, when the Chicago boys went down there en-force. It became globally a thing after the Keynesian experiment in both the IMF and Workd bank was over. This post World War Two economic order had the state at a far more central role.
Nice side excursion to Vietnam, however it is systemically accurate to lump Reagan and the modern Dem Party as neoliberal. They are to the center right in economics. We are going to go into how Americans are distracted by terms. The modern day republicans have gone full on far right, but democrats, with noted exceptions are quite conservative when you look at social policies and economic policies based on a standard poli sci chart.
The notable exceptions are to the center left, nowhere close to the far left. Some of us realize that this is hard to grasp when looking at it from the pov of standard American balderdash.
However, most people in the US have no idea what any of these terms mean.