In a “flat” world, issues related to intellectual property are increasingly mentioned in commercial practices.
The story that company A “carefree” using the brand image of company B is no longer a story on the sidewalk of the restaurant. Every act of copyright infringement carries the risk of taking each other to court to resolve. Even violations are prosecuted for criminal liability in some cases.
The importance of intellectual property rights is obvious. But there are still many businesses that ignore this aspect of commerce. According to a study by the Vietnam – Korea Forum taking place in Hanoi in November 2018, Vietnam is ranked 40/50 countries in terms of copyright law compliance rate.
In this article, we will learn the concepts related to intellectual property. In addition, we also delve into the importance of copyright, how copyright is in business transactions.
Intellectual property, also known as intellectual property, is a product created by human intelligence. Intellectual property here can be inventions, works of art, designs, symbols, names, images used in commerce, etc.
What is intellectual property?
Intellectual property is an intangible asset, recognized and protected by law. Creators of intellectual property have the right to recognize and benefit from their own creation.
Types of intellectual property
Copyright
Copyright, also known as copyright, is a term used to refer to the ownership rights of the author on works of art. Art works here include: music, drama, film, painting, design, photography, etc.
When works of art are completed, it is automatically copyrighted. The copyright symbol is the © symbol, accompanied by the author’s name, year of completion, and other legal elements.
With copyright, the owner has the complete right to copy the work, use the work for different purposes, perform the work and distribute copies to the public.
Authors may or may not need to register copyright with their work. But registration can help an author extend his or her full legal protection up to 70 years.
Trademark ™ and Registered Trademark ®
Trademark (TM) and Registered Trademark (R), both understood as trademarks in Vietnamese, are signs to distinguish between products and services of company A and products and services of company B.
In fact, when a product, service or brand is born, the business that produces it has the right to name it, design a logo and a distinctive identity.
The distinction between Trademark and Registered Trademark here is:
+ Registered Trademarks are trade marks that have been officially registered with a competent state agency. Therefore, it is fully protected by law with its rights and obligations under the law.
Trademark is a trademark that has not been registered with a competent state agency. Therefore, trademarks are not legally protected.
Patent
Patent (also known as patent), is the right to recognize and own an intellectual invention.
A patent allows the owner to distribute the right to use his invention in any form (such as commercial use, non-commercial use, research purposes, learning, …).
>>Guide to the procedure to apply for patents for inventions and utility solutions in Vietnam
For example:
Nobel – the scientist who invented Dynamite – has the right to allow weapons companies to use his invention for commercial purposes. However, they had to pay him a certain amount to use them.
Industrial design
Any industrial design is recognized and protected by law. That design can be presented in three-dimensional form (such as product shape, material), or presented in two-dimensional form (pattern, color, product line).
For example:
All aspects related to the design of Apple’s iPhone are protected by law, from the shape, materials, to the lines and colors that the manufacturer uses for the product.
Geographical location
The use of geographical location to link the place of production of products and services is also regulated by law.
For example:
Black garlic products produced in Phu Quoc are recognized and protected by Vietnamese law. Other black garlic products that are not produced in Phu Quoc are not allowed to use this geographical location to promote their products.
Why register intellectual property rights?
According to statistics from the US Patent and Trademark Registration Office, in 2017, the office received more than 440,768 applications for intellectual property rights, 14% higher than the same period last year. term 2016.
This shows that US businesses pay great attention to the legal aspects related to the intellectual property they are holding.
Registering this protection right helps businesses protect themselves against any infringement of trademarks, patents, as well as design images of products, services, and brands from outside.
If businesses ignore this aspect, they may have to spend a lot of money on litigation. They even have to invest more money and effort in rebranding work, and potentially miss potential opportunities from the market.
In Vietnam, the number of businesses registered for trademark protection only stands at 26% of the total number of enterprises (according to data of the Ministry of Justice, 2016). This is an alarming number, which can put companies in a difficult position in future intellectual property copyright disputes.
Risks when businesses do not register intellectual property rights
The lack of respect for the intellectual property rights aspect of Vietnamese enterprises will push them into the following dilemmas:
- They may lose all ownership and use of the brand to competitors.
- Businesses have to spend a lot of money and effort on litigation and settlement activities.
- Businesses may have to rebrand if they lose their case in an intellectual property dispute.
- Businesses will miss many potential business opportunities, if they do not have the right to use their own brand image in international markets.
