Seminar discusses intellectual property rights
(VOV) - Intellectual property in the global trade environment and its importance to local businesses were discussed at a seminar in HCM City on May 28.
Minister of Science and Technology Nguyen Quan told seminar attendees that intellectual property regulations in recently negotiated free trade agreements (FTA) will present Vietnamese businesses both opportunities and challenges.
Vietnamese consumers may have to pay higher prices for products under the protection of intellectual property rights (IPRs). But Vietnamese businesses could themselves benefit from the protection of comprehensive IPRs, thwarting the spread of fake consumer goods and protecting the reputations of Vietnam’s leading brands.
Vietnamese intellectual property laws are currently being strengthened to ensure IPRs will be protected in line with international standards.
HCM City’s Department of Science and Technology Representative Hoang To Nhu said IPR violations in Vietnam are complex and widespread, even affecting luxury goods sold at major trade centres.
Vietnamese businesses have paid no or little attention to respecting IPRs and have yet to capitalise on their potential benefits.
Economic expert Vo Tri Thanh recommended, businesses concerned by IPR enforcement should focus on attracting talent, something that would also hone their competitive edge in terms of global markets.