Vietnam aims to become one of the ASEAN countries taking lead in invention, intellectual property (IP) protection and exploitation by 2030, according to “The strategies of IP by 2030” which has been approved by Prime Minister Nguyen Xuan Phuc, the Government Portal reported.

Other targets are the establishment of industrial property rights and rights in plant varieties, the enhancement of law enforcement and mitigation of IP rights infringement. Besides, the strategies of IP by 2030 also aims to increase new IP assets from Vietnamese individuals and organizations in both quality and quantity as well as to improve Vietnam’s rank in the Global Innovation Index (GII) in IP.

Under the strategy, the government expects the exploitation and commercialization of IP will be valued and promoted with 8-10 percent of registered IPs to be put into practice. IP rights of at least one to two plant varieties will be exploited abroad.

By 2030, the total revenues of cultural industries are expected to contribute around 7% to the national gross domestic product (GDP).

To realize the targets, the administrative and judicial agencies have to enhance coordination in protecting IP rights as well as studying on strengthening the role of courts in dealing with IP cases. Enterprises, organizations and individuals are encouraged to actively protect their IP rights.

The government is expected to promote founding and developing networks of technologies transfer and IP centers at research institutes, universities and businesses to improve the creation and exploitation of IP; encourage industries with high adoption of IP assets; expand and improve the quality of intermediary services to enhance the connection of demand and supply of intellectual property assets.