Vietnamese enterprises need to take prompt actions to develop and protect their trademarks in overseas markets, especially when intellectual property rights are increasingly important in the global trend, experts said at a workshop in Hanoi on November 5.

The Vietnam Chamber of Commerce and Industry (VCCI) reported that while the number of businesses registering trademarks and innovations in the country is increasing, only about 1,000 brand names were registered abroad – a relatively modest figure in comparison with hundreds of thousands of active Vietnamese firms.

According to the Dean of the Intellectual Property Department of the University of Social Sciences and Humanities, Tran Van Hai, a majority of domestic businesses pay little attention to brand registration, resulting in losing their IP rights in the international market. He cited examples of the Vietnam Industrial and Commercial Bank and coffee from Buon Ma Thuot which lost their trade names to foreign companies.

As trade name and intellectual property are playing a bigger role in the global value chain, a competitive country needs to build and develop highly-competitive trademarks both domestically and internationally, said VCCI Deputy Chairman Doan Duy Khuong.

A report of the National Office of Intellectual Property (NOIP) under the Ministry of Science and Technology said Vietnam recorded 4,125 patent applications, 29,938 applications for industrial design registration, and 333,733 other applications for national design and trademark registration since 1988.-VNA