Intellectual Property protection is a leverage to promote innovation and improve competitiveness of enterprises including startups.
Vietnam is fine-tuning its legal system for intellectual property protection to create a healthy competition environment and boost enterprises’ growth.
Startups are mushrooming nationwide. Their main focus is on product development and resource mobilization but not intellectual property protection which helps them deal with fraud by other entities, create values, and improve prestige.
Experts say intellectual property rights protection is as important as product development and capital.
Pham Quoc Dat, Director of the Hatch! Fair the fifth program, a Startup Acceleration Program, said, “The State protects intellectual property rights. We have advised startups to register IP protection at home and in the overseas market to protect their products.”
Intellectual Property is an intangible asset but valuable for enterprises, especially startups. In principle, before introducing their products to the market, enterprises need to register their IP rights.
Do Thi Tu Anh, Deputy Director of the Business Startup Support Center, said, “Enterprises need to be aware that patent, IP rights certificates, copyrights, and trademarks are vital for their business and competitiveness. They should protect what they produce and sell it if anyone wants to buy. This is a market principle."
"The National Office for Intellectual Property is organizing several free training courses and seminars on intellectual property protection, a new approach to assist enterprises,” he said.
Vietnam has implemented the IP Development Support Program nationwide and a National Innovation Startup Ecology Support Project until 2025.
These efforts are intended to promote innovation and improve the competitiveness of startup businesses amidst extensive international integration.