Intellectual Property becoming competitive power in Vietnam

Deputy Minister of Science and Technology Pham Cong Tac announced that in the era of science and technology, Intellectual Property (IP) rights, being approved by both domestic and global laws, have become one of the most useful tools to increase competitiveness of any business as well as the national economy, including Vietnam.

Intellectual Property becoming competitive power in Vietnam

IP rights are thought to promote innovative activities among organizations and individuals in a society, to ensure the propaganda of scientific – technological advances, culture, and arts to the community for socio development. This intangible asset is a typical feature of modern economies.

In Vietnam lately, there are several programs to popularize the importance of IP, yet the current status of IP ownership in the country as well as national socio-economic development goals urges that more should be done to encourage innovation for the globalization process and competitiveness upgrade.

Highly aware of the critical role of IP in the socio-economic growth, the government and the Central Party have already introduced many policies for IP registration such as the IP Strategy until 2030 approved by the Prime Minister in accordance with Decision No.1068/QD-TTg on August 22, 2019; or the approved Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on November 12, 2018; or the EU-Vietnam Free Trade Agreement (EUVTA) signed on June 30, 2019 in Hanoi.

Another effective action is the approval of the National Assembly on June 14, 2019 about the Adjusted Law for the Insurance Trading Law and IP Law in order to fulfill Vietnam’s responsibilities in the CPTPP.

According to Mr. Dinh Huu Phi, Head of the Intellectual Property Office of Vietnam, to achieve all goals of the IP Strategy until 2030 and other related missions, policies and regulations on IP must be gradually perfected. Simultaneously, state management performance on IP should be upgraded, IP right practices should be carried out, activities to create more intellectual properties and to effectively exploit them should be encouraged, IP support activities and human resources for IP should be developed.

Most importantly, a culture of IP should be established in the community so that Vietnam becomes more active in collaborating with the world regarding IP.

One specific action to perform at the moment is to build and operate a domestic IP system, contributing to the promotion of IP commercialization, and the socio-economic development of the country.

By TRAN LUU – Translated by Thanh Tam

Other news