IP issues in Vietnam’s participation in new-gen FTA: Key considerations for businesses (p1)
- Intellectual property issues in the context of Vietnam’s participation in new generation FTAs?
Currently, Vietnam has joined 12 Free Trade Agreements (FTAs) with nearly 60 economies in the world. In which, there are two new generation FTAs, namely the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) (effective January 2019) and the Free Trade Agreement between Vietnam and the European Union. European Union (EVFTA) (effective August 2020). New-generation FTAs have a very high degree of trade and investment liberalization, and the scope of regulation covers many fields. In particular, the commitment on intellectual property (IP) rights in these two agreements is much tighter and more specific than in previous standards. Therefore, the awareness and full implementation of the commitments on IP rights in the CPTPP and EVFTA are of great significance, helping businesses improve their competitiveness, build a market position and develop sustainably.
When participating in new generation FTAs, we have entered a large playing field, a playground with a higher level, more challenges and stricter rules of the game, requiring participants to be professional as well. and understand the rules of the game clearly to avoid foreseeable risks. The participants here are ourselves, Vietnamese businesses. These FTAs greatly and deeply facilitate the investment and business activities of Vietnamese enterprises and are the driving force to promote high technology transfer activities in the fields of agriculture, processing technology, production of agricultural products, etc. food, energy industry, pharmaceutical, machinery and equipment manufacturing and many other fields. Therefore, besides the opportunities, SMEs will have to face many risks and challenges when participating with countries with large market sizes, most of which are developed countries with very high and strict requirements. in terms of goods quality, technology, especially the establishment and enforcement of IP rights.
- Opportunities for Vietnamese Enterprises
Firstly, the opportunities for Vietnamese enterprises are huge, first of all, it is the expansion of international markets, which is convenient for bringing Vietnamese brands and applying Vietnamese technology in foreign markets.
Second, becoming a member of new generation FTAs, Vietnam will attract many large and potential corporations and investors from developed economies. Businesses can quickly and easily access major brands, new processes, techniques, and technological solutions from member countries. From there, promoting cooperation, learning, creativity, expanding vision in the enterprise to facilitate the development of more products with more advanced technology and solutions. At the same time, helping SMEs to change their perception of the importance of IP in their production, business and development activities.
Third, to be compatible with FTAs, the legal system on IP will be clearer and stricter; the mechanism for establishing rights will also be more convenient and faster; The enforcement of rights protection will also be stricter. In addition, Vietnam is also considering expanding the protection of IP objects such as Sound Marks, inventions related to new technologies such as computer or medical programs to match the development trend of the world. .
Especially, after many years of efforts, Vietnamese agricultural products have been protected by geographical indications in Europe. Specifically, up to 39 geographical indications of Vietnam are protected by the European Union through the EVFTA. Exporters in this industry need to fully exploit the strength of the rights to Geographical Indications to expand markets, develop brands and bring Vietnamese products to this large and important market.
Huong Tran