With the enactment of the Technology Transfer Law 2017, coming into effect on 01 July 2018, replacing the previous one in 2006, Vietnam is hoping to develop its legal system and framework to encourage advanced technologies/patent transfer and eliminate the importation of outdated and hazardous technologies, and to improve the local businesses’ abilities in conducting R&D activities to boost technology transfer.
The new Technology Transfer Law 2017 requires that businesses operating in, or about to invest in Vietnam bear in mind the following important issues when it comes to technology (including patents) transfer:
- The mandatory registration in certain cases such as transferring technologies from overseas to Vietnam within 90 days as of signing date of the technology transfer agreement;
- The mandatory application for License when transferring technologies restricted from transfer within 60 days as of signing date of the of the technology transfer agreement;
- The mandatory contents and formalities of the technology transfer agreement; and
- The appraisal process of technology included in the investment projects.
In this report, we will take a closer look at Vietnam's Technology Transfer Law and Practice.
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