Last updated: Thursday, February 21, 2019


IP Protection Facilitates Business Sustainable Development

Posted: Wednesday, November 15, 2017

“Possessing a sole intellectual property, a company holds a competitive advantage over its rivals, builds up a solid position on the market, restricts copycatting and imitation from rivals or has the right to claim compensations for any act of breach of intellectual property rights,” said Dr Mai Ha, Chairman of the Vietnam Intellectual Property Association (VIPA) at the Seminar on the protection on intellectual rights overseas for Vietnamese enterprises.

The seminar was organised by the Vietnam Chamber of Commerce and Industry (VCCI) in partnership with VIPA and the World Intellectual Property Organisation (WIPO) in Hanoi with the aim of providing and updating international knowledge and laws on protection of trademarks, inventions, industrial designs and services of intellectual property rights for Vietnamese businesses to support them to opt for proper methods to protect their intellectual property rights.

Intellectual property has significant influence on the enterprises’ development during global economic integration, he said. Intellectual property will help raise corporate value assessed by investors or financial institutions owing to proprietary rights. Intellectual property also earns revenues for owners through franchise, rights transfer, sale/commercialisation of intellectual property products or services.

Nevertheless, not many businesses have a proper view on this, he added. Therefore, they need to be aware that protecting intellectual property right means helping themselves develop sustainably.

“The Vietnam Intellectual Property Association has been focusing on supporting member companies to know more about intellectual property, effectively use intellectual property and protect intellectual property,” Ha added.

Ms Pham Thi Thu Hang, General Secretary of VCCI, said that the current Fourth Industrial Revolution requires products and trademarks with high intelligence and intellectual asset as a significant part of products’ value.

Exporters need to fully comprehend e-commerce principles and global value chain principles.

In fact, foreign companies are very clearly aware of intellectual property regulations when they invest and do business in Vietnam. According to National Office of Intellectual Property of Vietnam (NOIP), the list of companies registering intellectual property protection is overwhelmed by foreign firms as few Vietnamese companies have applied for it. For that reason, Hang said companies should pay attention to registering intellectual property protection when they export their products abroad, because they will then not fear unfair competition, create solid positions on the market and achieve sustainable development.

Quynh Anh

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