Vietnam's National Assembly Advances Draft Amendments to Intellectual Property Law Emphasizing Asset Commercialization and Digital Adaptation

Vietnam's National Assembly is currently debating a draft revision of the Intellectual Property Law that marks a strategic shift from solely protecting intellectual property rights to actively assetizing and commercializing them. This legislative initiative also seeks to align the legal framework with rapid advancements in digital technology and artificial intelligence.

National Assembly President Tran Thanh Man emphasized the urgency of issuing unified and transparent guidelines, particularly concerning intangible assets such as software, data, and digital brands. He highlighted the need for clearer tax and credit incentives to encourage businesses to use intellectual property as capital contributions.

"Accountants and auditors should be trained on intellectual property assets to prevent situations where assets exist but cannot be properly recognized," Mr. Man stated, underscoring the importance of financial sector readiness in supporting IP asset management.

Further, Mr. Man proposed establishing fast-track appraisal mechanisms tailored for strategic sectors including green technology, semiconductors, and artificial intelligence. This approach aims to accelerate the valuation and utilization of IP assets critical to Vietnam's socio-economic development.

The draft also calls for strengthening the responsibilities of intermediary service providers and digital platform operators in protecting intellectual property rights within cyberspace, reflecting growing concerns over online IP infringements.

In a related development, Mr. Man commented on the draft amended Law on the Implementation of Grassroots Democracy, stressing that grassroots democracy should guarantee that citizens are informed, consulted, and given opportunities to express their views. He further noted the importance of ensuring that public opinions are considered and followed up with tangible outcomes.

These legislative efforts align with the Politburo's recent issuance of Conclusion 51, which underscores the critical role of intellectual property in supporting socio-economic development under new contextual challenges.

Supporting these reforms, officials reported that over 2,000 intellectual property rights infringement cases were detected nationwide in May alone. This data was presented during a meeting in Hanoi reviewing the implementation of the Prime Minister’s Dispatch on enhanced enforcement measures.