Priority is given to purchasing important intellectual property rights related to national security and socio-economics.

On the afternoon of October 27, National Assembly deputies listened to a presentation on the draft Law amending and supplementing a number of articles of the Law on Intellectual Property (IP).

Minister of Science and Technology Nguyen Manh Hung presents the report. Photo: VIET CHUNG

The report by Minister of Science and Technology Nguyen Manh Hung stated that IP is becoming a strategic tool to protect and dominate technology, and a tool for technological competition. Models of buying, selling, transferring, licensing, intellectual property trading floors, valuing IP rights, and financializing IP are increasingly developing. The development of digital technology , digital environment and new technology pose new challenges to IP protection. International cooperation and competition on IP rights promote the globalization of IP rights...

Meanwhile, Vietnam's goal is to become a digital nation by 2030, developing a digital government, digital economy and digital society. Therefore, IP laws also need to be improved to ensure the implementation of international commitments in the context of changing world trade practices.

National Assembly on the afternoon of October 27. Photo: VIET CHUNG

Therefore, the law aims to create a solid and favorable legal corridor for intellectual property protection activities, especially in some areas 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.

In particular, the draft supplements regulations on handling conflicts of intellectual property rights to facilitate commercial exploitation; supplements contents on the State's policies in supporting the creation and commercial exploitation of intellectual property rights to promote innovation: The State prioritizes the purchase of important intellectual property rights related to national security and socio-economics; pioneers 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; supplements policies on developing the intellectual property ecosystem, encouraging organizations and individuals to invest in start-up businesses.

The draft also adds 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 self-determines the value and creates a separate list for management in cases where intellectual property rights do not meet the conditions for recording asset value in accounting books... This aims to create a complete 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.

PHAN THAO

Source: https://www.sggp.org.vn/uu-tien-mua-quyen-so-huu-tri-tue-quan-trong-lien-quan-an-ninh-quoc-gia-kinh-te-xa-hoi-post820226.html