Intellectual property to drive knowledge economy: workshop hinh anh 1Intellectual property to drive knowledge economy. Illustrative image (Photo: VNA)

HCM City (VNA) - Amendments to legal regulations relating to intellectual property (IP) will contribute to improving Vietnam’s IP system, making it an important tool to promote national competitiveness and drive the knowledge economy, thus promoting socio-economic development, Minister of Science and Technology Huynh Thanh Dat has said.

Addressing a consultation workshop on March 12 in Ho Chi Minh City on a draft law amending and supplementing certain articles of the Law on Intellectual Property, Dat highlighted the need to amend the law in the context of significant changes affecting all socio-economic matters, especially Vietnam’s increasing international integration via new generation free trade agreements (FTAs), the rising trend towards trade protectionism, and Vietnam’s plan for a development-facilitating government.

The amendments aim to institutionalise the policies of the Party and the State in the field, address inadequacies and issues in law enforcement, integrate international commitments in domestic laws, and create a full legal framework for intellectual property in the country, he said.

Speaking at the workshop, which was supported by the Southeast Asia Financial Sector and Intellectual Property (FSIP) Programme funded by the UK’s Sovereign Wealth Fund, Sam Wood, Deputy Consul-General of the UK in HCM City, said the gathering reflects Vietnam’s commitment to amending and supplementing the law in line with international standards, contributing to expanding cooperation between Vietnam and the UK in this regard.

Through the FSIP Project, best IP practices from the UK have been widely shared with Vietnamese stakeholders.

The two sides are strengthening cooperation, ensuring that intellectual property serves as a catalyst for innovation and creativity, thus supporting economic growth.

Wood said he believes the economic and trade relationship between Vietnam and the UK will continue to prosper.

Participants at the workshop focused discussions on the proposed revisions relating to industrial property right, copyright, and plant varieties rights.

The Law on Intellectual Property was first released in 2005 and amended in 2009 and 2019. It has played an important role in creating a legal corridor for the creation and protection of intellectual property rights for organisations and individuals.

This draft amending and supplementing certain articles will be submitted for comment at the 15th National Assembly’s second session in October./.