Commercializing Intellectual Property: Turning Creativity into an Economic Breakthrough Driver for Hanoi

The process of commercializing intellectual property in Vietnam in general and Hanoi in particular still has many limitations, requiring breakthrough solutions to effectively exploit the potential.

At the workshop “Commercialization of intellectual property – Current situation and solutions”, experts, businesses and scientists all agreed that Hanoi is facing an important opportunity to transform inventions, trademarks and research results into economic resources, contributing to the growth of the capital. However, the process of commercializing intellectual property in Vietnam in general and Hanoi in particular still has many limitations, requiring breakthrough solutions to effectively exploit the potential.

Speaking at the opening of the workshop, Deputy Director of the Hanoi Department of Science and Technology Phan Van Phuc emphasized the role of science, technology, innovation and digital transformation as key driving forces in development in the spirit of Resolution No. 57-NQ/TW of the Politburo . Mr. Phan Van Phuc said that although Hanoi is the leading locality in the country in terms of the number of applications and certificates of intellectual property protection, the ability to exploit value is still limited. The rate of commercialization of inventions in Vietnam is only about 0.1%, much lower than the world average of 5% and developed countries' 10%. Many intellectual properties have only stopped at the establishment of rights and have not been effectively exploited to become development resources. Social awareness of intellectual property is still limited, while violations of intellectual property rights, especially with local specialties and brands, are still common.

From the perspective of the innovation system, Dr. Nguyen Huu Can, Acting Director of the National Institute of Intellectual Property Science , gave a remarkable figure when Vietnam ranked 37th in the world in terms of innovation output index but only ranked 112th in terms of income from intellectual property. This reflects the fact that research results, although abundant, have not been converted into corresponding revenue and economic value.

Deputy Director of the National Office of Intellectual Property Nguyen Hoang Giang said that the global trend is shifting strongly from protection to exploitation of intellectual property, in which financialization of intellectual property is an important tool to promote growth. He said that Vietnam still faces three major limitations: Difficulty in valuing intellectual property due to the lack of unified legal standards; lack of specialized human resources and full, transparent data; along with the increasingly complex situation of rights violations in the digital environment. According to Mr. Giang, Hanoi needs to pioneer in testing specific mechanisms, building a systematic valuation ecosystem and researching the financialization model of intellectual property with the participation of international organizations to create a breakthrough.

From a business perspective, Mr. Luu Hai Minh, Chairman of the Board of Directors of Nhat Hai New Technology Joint Stock Company (OIC New) shared his experience in successfully commercializing a patented nano-product ecosystem in Vietnam and the United States. However, according to Mr. Minh, the business sector still faces many barriers such as the lack of a clear legal corridor on intellectual property valuation, inadequate tax policies, and intellectual property not being widely recognized as a collateral asset for accessing credit. He proposed that Hanoi consider piloting patent valuation for about 25 science and technology enterprises using the city budget, creating a basis for credit activities and investment in research and development.

From the analysis, the workshop agreed on three key solution orientations for Hanoi to effectively exploit intellectual property, turning innovation into a new growth driver.

Firstly, build a mechanism for pricing and financializing intellectual property to accurately assess the value of inventions, trademarks and trade secrets, as a basis for implementing credit models and venture capital funds based on intellectual property, helping technology enterprises access capital more easily.

Second, develop high-quality human resources for valuation, technology transfer consulting and intellectual property management activities at enterprises, research institutes and universities; at the same time, promote business models originating from institutes and schools to bring technology to the market.

Third, strengthen the enforcement of intellectual property rights, especially in the digital environment, to protect the legitimate rights of businesses and ensure a transparent and fair business environment.

Deputy Director of the Hanoi Department of Science and Technology Phan Van Phuc affirmed that intellectual property can only truly become a driving force for growth when its value is properly recognized and effectively exploited. Close coordination between the State, the business community and the scientific community is a decisive factor for Hanoi to promote its role as a locomotive for innovation, improve its competitiveness and make practical contributions to the development of the knowledge economy of the capital and the whole country.

Center for Science and Technology Communication

Source: https://mst.gov.vn/thuong-mai-hoa-tai-san-tri-tue-bien-sang-tao-thanh-dong-luc-but-pha-kinh-te-cho-ha-noi-197251116150837334.htm