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Business Overview and Performance Corporate Governance Financial Statements Enclosure

and property of consumers; (4) Providing information taking about a month or two; legal announcement
about procurement of product parts and components; of the application (taking about two months);
(5) Provision of manuals, guidelines, conditions, use life, verification of the essential details of the application
place and process of product guarantee for warranty on by relevant agencies (taking about nine months);
goods and/or services; and (6) Notifying consumers of and granting of protection (taking about 10 days).
contracts accurately and completely before conducting During the period since the application’s announcement
a transaction, using contracts that are prepared in line until the decision is made by the relevant agencies was
with general format and conditions. to heather to endorse the trademark, a third party has
the right to dispute the request for registration.
14. Vietnam’s Law on Intellectual Property
15. Vietnam’s Law on Bankruptcy
Vietnam has a rather inclusive law on intellectual
property that covers membership of multilateral On 19 June 2014, the National Assembly of Vietnam
agreement and other relevant bilateral trade deals. approved a new bankruptcy law. Since 1 January
Moreover, the National Assembly of Vietnam approved 2015, the Bankruptcy Law No. 51/2014/QH13
Law on Intellectual Property Rights No. 50/2005/QH11, (“Bankruptcy Law 2014”) has replaced the Bankruptcy
with additional amendments on 19 June 2009 Law No. 21/2004/QH11 (“Bankruptcy Law 2004”),
(“Law on Intellectual Property Rights”) with aim to keep which was endorsed by the National Assembly of
pace with domestic and global economic development. Vietnam on 15 June 2004. The bankruptcy legislation of
This legislation provides protection on the following 2014 changes the definitions of “bankrupt” and “insolvent”.
intellectual property rights in Vietnam: (1) Copyrights An enterprise is considered to be “insolvent” when it is
(literature, arts and scientific works) and related rights unable to meet its financial obligations and fails to
(performance, images and audios, broadcasts and repay debts within three months after the due date.
encrypted satellite signals); (2) Industrial property rights An enterprise is considered to be “bankrupt”
(inventions, industrial designs, semiconductor circuit when a People’s Court rules so. Under the previous
designs, trade secrets, trademarks, trade names and Bankruptcy Law 2004, courts executed bankruptcy
geographical indication); and (3) Plant variety rights process directly through a committee set up to manage
(plant varieties and substances/materials used for liquidation. Under the 2014 legislation, the committee is
plant propagation). replaced by liquidators or a court-appointed company
with expertise in handling liquidation. That is a significant
In particular, trademarks are protected in Vietnam improvement from the previous law but there is much
whenever they are registered with the National Office uncertainty about how the new legislation will be
of Intellectual Property. The agency also recognizes applied and interpreted. To date, the government has
trademarks registered through the Madrid System of not yet issued an official guideline on enforcement or
international registration of marks (which are registered interpretation of the law. Therefore, the bankruptcy
in a foreign country that is Vietnam’s fellow signatory of process may be complicated, uncertain and
the Madrid Protocol. Vietnam’s protection also covers time-consuming.
trademarks that are widely well-known. Registration of
trademarks for products and services must comply with 16. Rules Regulating Foreign Currency
the international practices. The protection lasts 10 years Exchange in Vietnam
and may be renewed for another 10 years-under the
international “first to file” principle, and trademark In the past, Vietnam had implemented currency exchange
owners who have registered in other countries before control mechanisms with aim to prevent an outflow of
get the better right. foreign currencies from the country. The Vietnamese
currency, dong, was required for domestic transactions
Registration of trademarks in Vietnam is a lengthy and there were attempts to direct foreign currencies
process-taking about a year. The process includes key steps towards the national banking system. The State Bank of
as follows: Relevant agencies examine the application Vietnam was the main agency responsible for managing
to ensure that it completely meets prescribed conditions the country’s policy on foreign exchange control.
(this is called an examination in line with regulations) Under Vietnam’s current regulation on foreign exchange

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