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On June 28, 2024, Vietnam’s Ministry of Finance (MOF) released Circular No. 43/2024/TT-BTC (Circular 43), extending the period during which a 50% reduction on certain industrial property fees will be applied.
This initiative aims to assist business entities in overcoming global and national economic challenges and support their production activities.
The 50 percent discount on industrial property fees in Vietnam is now in its sixth period, commencing on July 1, 2024, and continuing until December 31, 2024. Circular 43 aligns with the Vietnamese government’s Resolution No. 44/NQ-CP, issued on April 5, 2024, which directs the MOF to continue assessing and implementing tax, fee, and charge reduction policies.
Scope of Fee Reductions
The fee reduction applies to a range of industrial property services, including:
- Filing Applications for Intellectual Property Protection: This includes fees for filing applications to protect intellectual property rights, which cover patents, trademarks, industrial designs, and geographical indications.
- Extending Response Time Limits: Fees for extending the time limit for responding to notifications from the IP Office of Vietnam are reduced, providing applicants with more flexibility in managing their application processes.
- Issuing Protection Certificates: The reduction applies to fees for issuing protection certificates and certificates of registration of IP rights assignment contracts. This step is crucial for officially recognizing and transferring IP rights.
- Maintaining and Managing IP Certificates: Fees for maintaining, extending, invalidating, or canceling certificates of IP rights registration are also reduced, ensuring continued legal protection of intellectual property.
- IP Representation Services: The discount extends to fees for issuing IP representation service practice certificates and declaring and registering an IP representative, facilitating professional services in the IP field.
The fee reduction would be especially beneficial to those filing applications renewing, maintaining, or requesting certificates in large numbers. This initiative is expected to alleviate financial burdens on businesses, particularly those engaged in extensive IP activities.
The extension of the 50 percent reduction on industrial property fees through Circular 43 underscores the Vietnamese government’s commitment to supporting businesses amid economic challenges. By reducing the financial burden on entities engaged in intellectual property activities, the government aims to foster innovation and economic growth.
Businesses operating in Vietnam should take advantage of this opportunity to manage their IP portfolios more cost-effectively. This extension also reflects a broader strategy to enhance the business environment in Vietnam, encouraging investment in intellectual property and supporting the nation’s economic resilience.
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