1. Amendment and Addition of Certain Provisions of the Intellectual Property Law
Recently, Vietnam has signed many new-generation free trade agreements. Vietnam has also approved decrees amending agreements related to intellectual property rights. Additionally, Vietnam has joined international agreements such as:
- The Hague Agreement concerning the International Registration of Industrial Designs (2009).
- The Budapest Treaty on the International Recognition of the Deposit of Microorganisms for the Purposes of Patent Procedure (2021).
On June 26, 2022, the Law amending and supplementing certain provisions of the Intellectual Property Law was enacted, amending over 100 provisions. The amended Law provides more clarity on several aspects, including:
- Protection of sound trademarks.
- Ensuring information for patent holders during the market circulation licensing process for pharmaceuticals.
- Compensation mechanisms for patent holders due to delays in pharmaceutical market circulation licensing.
- Identifying the subject holding property rights.
- Facilitating the transfer of intellectual property rights, copyright, and related rights.
- Enhancing reasonable protection levels and balancing the interests of right holders and the public in terms of accessing knowledge and technology.
In addition, the Law introduces expanded authority to proactively apply border control measures.
2. Vietnam’s Opportunities to Attract Foreign Direct Investment (FDI)
In recent years, Vietnam has made efforts to enforce intellectual property rights, but the effectiveness has been limited. Intellectual property rights holders and functional agencies still rely on administrative procedures and administrative sanctions in handling intellectual property rights infringements. Recently, the Supreme People’s Court proposed the establishment of a specialized court for intellectual property rights at the Hanoi Supreme People’s Court. This is a positive sign indicating an improved effectiveness of intellectual property rights enforcement in Vietnam. Vietnam can timely address shortcomings in handling intellectual property disputes.
This amendment marks the most comprehensive update of the Intellectual Property Law to date. It promotes technology transfer, commercializes intellectual property rights objects, and attracts more FDI into the Vietnamese market.
Vietnam is emerging as a new manufacturing hub, attracting high-tech projects and modern management from global FDI investors. Improving intellectual property rights policies will further enhance Vietnam’s competitiveness in attracting FDI.
(Reference: “35 Years of Foreign Investment in Vietnam” Journal)
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