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Economic Sector

Last updated: Thursday, April 18, 2019

 

“A brand is the only business asset that increases in value over time”

Posted: Thursday, April 11, 2019

A brand is often the most valuable asset of a business. This is because it can appreciate in value as the business expands its customer base, achieves higher awareness amongst the target audience and establishes a positive reputation for meeting its customer’s expectations. Regarding how to protect a brand effectively, Vietnam Business Forum would like to introduce the expertise of Mr. Peter Willimott, Senior Program Officer, WIPO Regional Office in Singapore.

You’ve worked hard your whole life and enjoyed deserved success. Then one day, you decide to take a holiday. You withdraw all of your life savings, in cash, and put the money in a suitcase. You then check that suitcase onto your flight, but you don’t lock it. And because you packed in a hurry, anyone can see lots of dong sticking out of the case.

Sounds crazy, right? You’d never do that! Yet this is, in effect, what many Vietnamese business owners do when they start exporting or operating overseas without protecting their brand.

Treat your brand as your most valuable asset

Every business has a brand. It can comprise of the business name, a logo, or even a slogan or mascot – and most brands use a combination of these to identify, distinguish and promote themselves.

A brand is often the most valuable asset of a business. This is because it can appreciate in value as the business expands its customer base, achieves higher awareness amongst the target audience and establishes a positive reputation for meeting its customer’s expectations. Arguably, a brand is the only business asset that increases in value over time - other assets such as a fleet of vehicles, machinery, IT hardware and so on, all depreciate in value.

That’s why smart business owners choose to protect their brand as a registered trademark. You can seek to protect your brand in Vietnam, simply by filing a trademark application with the Intellectual Property Office of Vietnam (IP Vietnam). Upon receipt, they’ll check your application to ensure your proposed trademark meets the requirements for registration.

Filing for trademark protection in Vietnam is an excellent first step in protecting your brand. A registered trademark gives you the right to take action against another party infringing on your trademark within the country. Remember though – this protection only applies in Vietnam. If you’re seeking to expand your business into other countries, you should register your trademark there, too.

Enter WIPO…

This is where the World Intellectual Property Organization (WIPO) comes in. WIPO is a specialist agency of the United Nations, responsible for administering the Madrid International Trademark System. While there is no such thing as a ‘world trademark’ or ‘single global registration’, the Madrid System provides all the filing and trademark management services you need to register your brand in many countries where your business could operate. With just one application through the Madrid System, you can apply for trademark protection in more than 115 countries.

The Madrid System is designed to save business owners time and money, as you pay only one set of fees, in one currency. It also offers flexibility, with the option to ‘subsequently designate’ other countries as your business expands into new territories.

Wide-ranging support for far-reaching businesses

The Madrid System is far more than a simple trademark filing system. It is also an excellent source of information and support. It has online tools for managing the entire trademark lifecycle – from application and grant, through to renewal. WIPO has also produced a series of guides to help you make the most out of the system, including how to use it to search for existing trademarks before you apply for protection, guidance on filing your international application, understanding the importance of monitoring competitor registrations, and managing your international trademark registration.

Last year WIPO received more than 55,000 applications through the Madrid System. If you’re thinking of exporting or expanding your business overseas, using the Madrid System could prove an invaluable part of your growth strategy.

Don’t take the risk…

Let’s assume you don’t want to be the business owner who failed to protect their brand, and opened the door for imitators and copycats to capitalize on their hard work. Act now to secure your trademark in Vietnam, and wherever else in the world you might do business.

Visit www.wipo.int/madrid to find out more. Alternatively, contact IP Vietnam or a patent or trademark agent in Vietnam, and learn how to protect your brand effectively in key overseas markets.








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