On 16 June 2022, the National Assembly of Vietnam has just passed the Intellectual Property (Amendment) Bill. The new law will generally take effect as from 1 January 2023, except for a couple of provisions.
This Amendment Bill was introduced for debates and public consultation in 2021, after 16 years of implementation of the existing IP Law 2005 (amended twice in 2009 and 2019), and following Vietnam's accessions to big trade pacts (i.e. CPTPP, EVFTA, and RCEP).
The Amendment Bill, which has just been passed, focuses on seven groups of principle policies:
- Copyright and related rights, especially in terms of transfer and assignment of rights;
- Incentives for creation, exploitation and dissemination of inventions, industrial designs, layout designs (integrated circuits), and plant varieties earned from scientific and technological tasks funded by the State budgets;
- Facilitation of better administrative procedures for registration of copyright, and establishment of industrial property rights;
- Ensurance of reasonable approach and balancing in protection of intellectual property rights;
- Enhancement of effective activities on intellectual property support/assistance;
- Advancement of effective activities on intellectual property protection;
- Ensurance of full and serious compliance with and implementation of international commitments on intellectual property as Vietnam focuses on its integration with the globalized market.
We are reviewing the Amendment Bill as passed, and will get back with our brief on highlights and key takeaways of the new law in due course.