Vietnam: The new prospect for IP assets commercialization

In brief

On 13 July 2021, the Government announced Decision No. 1158/QD-TTg of the Prime Minister on the Program to Develop the National Science and Technology Market ("Program") by 2030. The Program is expected to create a favorable environment and facilitate activities in the science and technology market.

The Program opens up opportunities for science and technology enterprises, especially start-up companies.


Contents

Key takeaway

The Government has set ambitious goals for the science and technology market to achieve by 2030, based on four main standards, and has announced measures to assist enterprises in attaining these goals. The goals are assessed based on:

  • value of scientific and technological commodities
  • proportion of intellectual property transactions
  • proportion of transactions for technologies imported from developed countries
  • proportion of transactions for technologies developed by Vietnamese universities and research institutes

In more detail

The goals to be achieved by 2025 and 2030, respectively, are as follows:

Basis 2025 2030
Annual increase in the transaction value of scientific and technological commodities Common sectors and business lines 25% 30%
Mainstay sectors and business lines 30% 35%
Proportion of intellectual property transactions 15% 20%
Proportion of transactions for technologies imported from developed countries 30% 35%
Proportion of transactions for technologies developed by Vietnamese universities and research institutes 35% 40%

 

In addition, emphasis is placed on establishing the science and technology market intermediaries (80 by 2025, 240 by 2030) and networks of intermediaries (three by 2025, six by 2030), where each network corresponds to a mainstay export business line. By 2030, it is expected that research results and intellectual property with potential to be commercialized will be digitalized, which will require the modernization of the national science and technology market infrastructure.

Tasks and solutions

The Program aims to attain the specified goals by taking the following approaches:

  • Improve policies and regulations concerning the science and technology market.
  • Facilitate the development of the science and technology market's demand.
  • Facilitate the development of the science and technology market's supply.
  • Develop the science and technology market's intermediaries.
  • Facilitate integration in the science and technology market.
  • Organize trainings and education activities relating to the science and technology market.
  • Develop the science and technology market's national infrastructure.

It is noted that the main theme of the program is based on free market principles, where the State encourages market competition by incentivizing R&D. The two most notable proposals to realize the mentioned goals are:

  • Support organizations and individuals in evaluating, valuing, and assessing the values of technologies; search, select and receive, and test technologies; and exploit and develop intellectual property.
  • Assist with the commercialization of research results and intellectual property; prioritize those that meet the demand to nurture ancillary industries, mechanization and agricultural deep-processing, as well as those that may be useful for the development of rural, mountainous and insular areas, areas deprived of socio-economic conditions.

These goals and solutions are to be seen as generic policy directions only. Further promulgations and guidance from ministries and state agencies are required for the Program to have practical effects and attain its primary purposes. That said, the announcement of the Program is expected to create a more favorable environment for tech-based companies, especially start-up businesses that can offer innovative solutions but lack the means and resources to commercialize those ideas.

Contact Information
Manh Hung Tran
Managing Partner
Hanoi
tmh@bmvn.com.vn
Viet Hung Le
Patent Attorney
Hanoi
viethung.le@bmvn.com.vn
Tuan Linh Nguyen
Government Affairs & Regulatory Advisor
Hanoi
tuanlinh.nguyen@bmvn.com.vn

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