Vietnamese start-ups are still not paying adequate attention to registering intellectual property, although this type of intangible asset plays a significant role in their future development.

Start-ups must pay more attention to intellectual property. - Photo thinkbusiness.ie

Start-ups urged to pay more attention to intellectual property

02/01/2019

Vietnamese start-ups are still not paying adequate attention to registering intellectual property, although this type of intangible asset plays a significant role in their future development.

SR Vietnam | Business News & Business Solutions

Phan Ngân Sơn, Deputy Director of the National Office of Intellectual Property of Việt Nam (NOIP), said that entrepreneurship was developing rapidly but start-ups were currently focusing on raising funds, while little attention was being paid to registering their intellectual property.

Sơn said that intellectual property was of significant importance to socio-economic development – a valuable intangible asset to businesses, especially start-ups, which helps enhance competitiveness and create added value.

He cited statistics showing that several decades ago, most of the assets of US companies were tangible assets while intangible assets accounted for just below 20 per cent. In 2005, intangible assets of the S&P 500 firms accounted for 80 per cent of their total market value and 87 per cent in 2015.

It was necessary to enhance firms’ awareness of intellectual property, Sơn said.

According to Trần Lê Hồng from NOIP, several start-up firms had not identified the right time for registration of intellectual property, which might result in unexpected disputes.

Hồng said that enhancing awareness of intellectual property should start from universities, but few universities were currently providing training on the subject.

Deputy principal of the University of Foreign Trade, Lê Thị Thu Thủy, said that the Ministry of Science and Technology needed to enhance cooperation with the Ministry of Education and Training to put intellectual property onto the syllabus.

The Ministry of Science and Technology was implementing an intellectual property development programme between 2016-20, with a focus on providing support to start-ups and entrepreneurs.

The ministry’s report showed that there were around 3,000 start-ups in Việt Nam, nearly doubling the figure at the end of 2015.

Prime Minister Nguyễn Xuân Phúc previously affirmed that the Government was committed to protecting intellectual property rights, innovations and ideas because these were valuable intangible assets for start-ups.

Phúc also urged ministries to provide support to start-ups and enhance their awareness of intellectual property to promote their development. - VNS

Source: Vietnamnews.vn

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