Perfecting the law to turn intellectual property rights into assets with commercial value

On the afternoon of October 27, continuing the 10th Session, the National Assembly listened to the Presentation and Review Report on the draft Law amending and supplementing a number of articles of the Law on Intellectual Property (IP). The draft Law has many new points to promote the commercial exploitation of IP rights, turning IP rights into assets with commercial value, which can be exploited and used as tangible assets.

Presenting the Draft Law, Minister of Science and Technology Nguyen Manh Hung emphasized that the purpose of promulgating the Law amending and supplementing a number of articles of the Law on Intellectual Property is to create a solid and favorable legal corridor for intellectual property protection activities, especially in a number of fields where Vietnam has potential and advantages; promote innovation, develop the intellectual property market; create a favorable environment for receiving, absorbing, mastering and applying advanced scientific and technological achievements.

The draft Law amending and supplementing the provisions of the Law on Intellectual Property focuses on five main policy groups: Supporting the creation and commercial exploitation of intellectual property rights to promote innovation; simplifying administrative procedures, facilitating the registration and establishment of intellectual property rights; improving the effectiveness of intellectual property protection activities; ensuring full implementation of Vietnam's international commitments on intellectual property protection in the integration process; updating new issues in intellectual property protection in the world in accordance with Vietnam's policies and socio-economic development level.

One of the notable contents of the draft is to add regulations on handling intellectual property conflicts to facilitate commercial exploitation.

The draft also adds content on the State's policy in supporting the creation and commercial exploitation of intellectual property objects to promote innovation: Support the creation, establishment, exploitation, management, and development of intellectual property objects; support pricing, application of intellectual property transfer models, and intellectual property sharing mechanisms.

The State will prioritize the purchase of intellectual property rights for subjects important to national security and socio-economic development; pioneer in ordering, purchasing, and using products and services created on the basis of applying computer programs, inventions, layout designs, and plant varieties created in Vietnam; supplement policies to develop the intellectual property ecosystem, and encourage organizations and individuals to invest in start-up businesses.

In addition, the draft supplements regulations on finance based on intellectual property rights: Encouraging the use of intellectual property rights to borrow capital or mortgage to borrow capital according to the provisions of law on finance, banking and related laws; the owner of intellectual property rights shall self-determine the value and create a separate list for management in cases where intellectual property rights do not meet the conditions for recording asset value in accounting books.

The Government regulates the establishment of a national database on the prices of legally traded intellectual property rights, prescribes principles, criteria and general guidelines on methods for determining the value of intellectual property rights...

These regulations aim to create a comprehensive legal basis to promote the commercial exploitation of intellectual property rights in order to turn intellectual property rights into assets with commercial value, which can be exploited and used like other tangible assets.

On behalf of the review agency, Chairman of the Law and Justice Committee Hoang Thanh Tung affirmed that the Committee agrees with the necessity and purpose of developing a Law amending and supplementing a number of articles of the Law on Intellectual Property.

The Committee recommends that the drafting agency continue to research, review and perfect the provisions of the draft Law related to artificial intelligence to meet the requirements of development, protection of rights and legitimate interests of intellectual property rights holders; meet the requirements of innovation in legislative thinking, strengthening decentralization, delegation of power and digital transformation in state management of intellectual property.

Regarding the limitation of intellectual property rights, the Committee on Law and Justice proposed to adjust the wording to avoid the understanding that the scope of measures to protect the rights of intellectual property rights holders is limited to litigation measures (lawsuits) compared to other measures to protect intellectual property rights according to the provisions of the current Law on Intellectual Property.

Regarding finance based on intellectual property rights, the Committee basically agrees, but requests clarification of the content "not meeting the conditions for recording asset value in accounting books" according to which law and what is the "separate management" mechanism for intellectual property rights to ensure transparency, strictness and feasibility in implementation.

In addition, the Committee on Law and Justice also gave opinions on regulations on granting certificates to organizations that collectively manage copyright and related rights; business conditions, procedures for recording and deleting names of organizations that provide copyright and related rights representation services; legal responsibilities for copyright and related rights for enterprises providing intermediary services...

According to Government Newspaper

Source: https://mst.gov.vn/hoan-thien-phap-luat-de-bien-quyen-so-huu-tri-tue-thanh-tai-san-co-gia-tri-thuong-mai-197251118212942393.htm