FTA commitments open opportunity for vietnam

FTA commitments open opportunity for Vietnam

Joining the Trans-Pacific Partnership (TPP) (Now CPTPP) and signing a Vietnam-EU Free Trade Agreement (EVFTA) will create an opportunity for Vietnam to bring its intellectual property rules in line with international standards.

FTA commitments open opportunity for vietnam
FTA commitments open opportunity for vietnam

A Vietnam-EU Free Trade Agreement will have a significant impact on Vietnam’s economic and legal institutions, particularly regarding intellectual property. Director of the WTO and Integration Center of the Vietnam Chamber of Commerce and Industry Nguyen Thi Thu Trang said Vietnam needs to review the compatibility of its laws with TPP and EVFTA commitments on intellectual property.“We’ll have to carry out institutional reform, improve the business environment, and increase the competitiveness of businesses and the whole nation. Free trade agreement commitments will definitely boost Vietnam’s reform process”, Ms Trang said.

Though most of Vietnam’s legal commitments on intellectual property are compatible with TPP and EVFTA principles and standards, Vietnam needs to do more on this issue, said Director of the Vietnam Law Firm – ASL LAW Pham Duy Khuong.

Khuong noted that “Vietnam’s Law on Intellectual Property needs to cover some wider aspects including criminalizing violations of intellectual property rights, and the import or export of items infringing copyrights.”

Fine-tuning intellectual property legislation will help to attract more foreign investment in Vietnam, regardless of when free trade agreements it has signed take effect.

Source: VOV.


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