Intellectual Property: From Intangible Asset to National Competitive Strength

Intellectual property is no longer just a legal formality but a critical driver of national competitiveness, according to experts and business representatives at a workshop in Vietnam. The event, organized by the Magazine of Intellectual Property and Creativity, stressed the shift in how intangible assets are valued.

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The factory can be expanded, the machinery can be replaced, but the reputation and market trust are the most difficult assets to recover if damaged.

Binh Minh Plastics shared how its brand, cultivated over nearly half a century, was the key factor that attracted investment from Thailand's SCG. A company representative explained that while factories can be expanded and machinery replaced, market reputation and trust are the most difficult assets to recover if damaged. This perspective underscores the growing recognition of intellectual property as a core business asset.

Lawyer Truong Anh Tu of TAT Law Firm agreed, urging a significant change in Vietnam's approach to intellectual property. He noted that many businesses historically viewed IP protection as a mere legal requirement. Today, however, the greatest value for many companies lies in software, trade secrets, inventions, and innovative ideas that provide a competitive edge. He asserted that intellectual property forms the foundation for a healthy investment environment, attracting high-quality capital and driving knowledge-based growth.

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The greatest value for many companies today lies not in factories but in software, trade secrets, inventions, and ideas that can create a competitive advantage.

Tu also pointed out that while a strong legal framework is necessary, effective enforcement is crucial. "If businesses spend too much time and cost on compliance, exceeding the cost of infringement, market confidence cannot be sustained," he stated. The biggest challenge, he added, is not technology but the speed at which policymakers adapt regulations to ensure fairness and maintain creative momentum.

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If businesses have to spend too much time and cost on compliance, higher than the cost of infringement, market confidence cannot be sustained.

The discussion also touched upon the "thirst" for skilled personnel and the challenges in the digital space. Pham Ba Thien, Director of the Economic Law program at Hoa Sen University, highlighted a severe shortage of highly specialized human resources. Despite new trade agreements like CPTPP and EVFTA setting high protection standards, intellectual property law training in universities remains minimal, accounting for only 1.6% to 2.5% of total credits. This gap hinders businesses in complex disputes, while lawyer Vu Duy Nam warned of the explosion of online infringements.

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This leads to a severe shortage of highly specialized human resources to support businesses in complex disputes.