- POSTED: 02 Jul 2014 23:31
The Memorandum of Understanding between Intellectual Property of Singapore and Vietnam's National Office of Intellectual Property of Vietnam will boost IP utilisation and protection for businesses in both markets.
SINGAPORE: The Intellectual Property of Singapore (IPOS) on Wednesday (July 2) announced a Memorandum of Understanding (MOU) was inked with its Vietnamese counterpart, the National Office of Intellectual Property of Vietnam (NOIP) to strengthen collaboration over intellectual property (IP) issues.
In a statement, IPOS said the MOU will see stronger collaborations between both countries in the promoting of IP utilisation and more assistance to businesses seeking IP protection in both markets. Areas of partnership include quality administration and capacity building, technology transfer and commercialisation, IP valuation, as well as promotion of IP to small and medium enterprises (SMEs) and the public, it added.
The MOU was signed between IPOS Chief Executive Tan Yih San and Mr Ta Quang Minh, Director General of NOIP during the ASEAN Working Group on Intellectual Property Cooperation meeting currently ongoing in Vietnam.
"Singapore is Vietnam's second-largest Foreign Direct Investment partner, and this MOU will serve to further enhance trade relations between our countries," Mr Ta said. "IP is taking up an increasingly larger portion of our companies' assets, rendering IP protection and utilisation integral to fostering domestic and international investment."
The Government had embarked on its goal to establish Singapore as a global IP hub in Asia last April, and launched a S$100 million IP Financing Scheme in April this year as part of its 10-year roadmap.
ASEAN COLLABORATION PROGRESSING
Besides the MOU, IPOS also said regional IP chiefs discussed and reviewed the progress of the customised ASEAN Patent Examination Cooperation (ASPEC) programme, which reduces the cost and time to obtain a patent in Southeast Asia.
"Thus far, all ASPEC requests succeeded to receive an office action within six months of filing. Strong collaborative relationships between the ASEAN IP offices made this possible, as examiners are now able to access and make use of each other's reports for similar patent applications," the statement said.