Growing awareness of IPR for effective competition

09:33 | 13/03/2020 Science - Technology

(VEN) - The protection of intellectual property rights (IPR) is an effective competitive tool for businesses as well as the national economy, especially in the process of international economic integration, but while business and consumers are increasingly aware of its importance, they still have a way to go.

growing awareness of ipr for effective competition

According to the Department of Science and Technology under the Ministry of Industry and Trade, IP is an intangible asset, gradually asserting its role as a measure of the viability and efficiency of businesses. It is also one of the important tools to improve the competitiveness of Vietnamese businesses. About 90 percent of surveyed consumers say brand is the deciding factor in shopping.

In the world, intangible assets account for more than 70 percent of total business assets, even more than 90 percent in some cases. In addition, IPR also plays an important role in preventing counterfeit goods.

The Intellectual Property Office of Vietnam under the Ministry of Science and Technology received 68,386 IP applications in 2019, an increase of 18 percent compared to a year ago. This included 7,290 patent applications (1,128 Vietnamese ones), 3,091 industrial design applications, 48,374 national trademark applications, 9,017 international trademark applications through the Madrid system, 10 geographical indications, and 244 international registration applications originating in Vietnam. The office granted a total of 36,504 IP certificates in 2019, a year-on-year increase of 44.1 percent.

This reflects increasing awareness of the importance of IP protection. The legal corridor to promote IPR protection has been completed. Specifically, in 2019, the Ministry of Science and Technology completed the IP contents and the National Assembly passed the law on amending and supplementing a number of articles on the Law on Insurance Business and Law on Intellectual Property.

To improve efficiency of state management of geographical indications, the Ministry of Science and Technology, the Ministry of Agriculture and Rural Development, and the Ministry of Industry and Trade signed a coordination agreement in 2018 on development and management of geographical indications for Vietnamese goods, contributing to increasing the value of protected products and competitiveness of Vietnamese products in the world market.

Le Ngoc Lam, deputy director of the Intellectual Property Office of Vietnam, said businesses and consumers must understand IPRs. If awareness of this tool is raised, it will contribute to preventing the consumption of counterfeit goods. State management agencies must also improve their knowledge of IP, Lam said.

Businesses need to take necessary measures to protect, manage and enforce their IPRs in order to achieve the best performance. In the era of Industry 4.0, IP is a tool providing competitive advantage in the market, and is therefore critical for every business and cannot be overlooked.

Hoang Nguyen