Friday, August 18, 2017

Firms urged to focus on brand

HÀ NỘI — Local firms need to pay due attention to their brand, including brand building, brand valuation and brand governance, said an official.

Đặng Quyết Tiến, deputy head of the Ministry of Finance (MoF)’s Enterprise Finance Department made the statement at a conference held in Hà Nội yesterday.

“Internationally, brand is considered the core value of the business, with some brands’ value accounting for 70 per cent of the total value of business assets. But in Việt Nam, brand matters have not received the due consideration they deserve from local companies,” Tiến said.

In fact, some foreign organisations had recognised the value of several Vietnamese companies’ intangible assets, Tiến said, adding that Việt Nam had quite a lot of brands appearing in various prestigious rankings in the world.

As announced by Brand Finance, an UK-based brand consultation and valuation company, Vietinbank was recognised as one of the Top 100 Largest Banks in ASEAN and the only Vietnamese bank included in the 2016 list of top 400 most valuable banking brands in the world, with the brand value amounting to US$249 million, Tiến said.

Also according to Brand Finance, the Viettel brand last year was valued at US$2.6 billion. The Vinaphone brand was valued at $1.04 billion and Mobifone at $391 million.

“Some enterprises even had spent a large amount of money to build their own brands, but were confused when determining the value of the brands, which are intangible but precious assets for businesses,” Tiến said.

Vietnamese enterprises’ brands were facing many challenges such as the infringement of intellectual property (IP), Lê Ngọc Lâm, Deputy Director of the National Office of Intellectual Property of Việt Nam of the Ministry of Science and Technology said at the conference.

The Việt Nam National Tobacco Corporation (Vinataba), coffee producer Trung Nguyên Group, Phú Quốc fish sauce and Bến Tre coconut candy were particular examples of Vietnamese firms being victims of IP infringement when they were circulating their products in the global market, Lâm said.

Also having hired professional consultants in value branding, Tiến said, some State-owned enterprises when conducting equitisation processes had been provided with different values for their brands, causing big losses to the State budget.

Tiến added that there were also still some limitations and overlaps in the content of legal documents stipulating the brand valuation methods.

Samir Dixit, Managing Director of Brand Finance Asia Pacific said brand equity was an intangible asset because the value of the brand was not a physical asset and was instead determined by consumer perception.

When building and developing a brand, firms needed to focus strongly on Brand Strength indices (BSI) and Governance Strength indices (GSI), which were the two essential indicators measuring the efficiency of brand valuation, Dixit said.

The workshop was co-organised by the Ministry of Finance, Ministry of Science and Technology and the Ministry of Industry and Trade.

Source vietnamnews.vn

Workshop on intellectual property rights


HÀ NỘI - The rapid development of technology, the Internet and social networks has resulted in significant development of e-commerce in Việt Nam, however, it has brought challenges for many enterprises, especially in intellectual property protection.

It was necessary to raise the awareness of community about the protection of intellectual property rights in general and the e-commerce environment in particular, Trần Văn Tùng, Deputy Minister of Science and Technology, told a workshop on intellectual property enforcement in e-commerce in Hà Nội on Wednesday.

"The Government, the Ministry of Science and Technology and other ministries and sectors have been working hard to prevent intellectual property infringement as well as infringements of intellectual property rights in the digital environment, but this work faces many difficulties," Tùng said.

Nguyễn Như Quỳnh, deputy chief inspector the Ministry of Science and Technology, said enterprises were not fully aware of the protection of intellectual property rights in e-commerce.

She pointed out difficulties including enterprises not being aware of the problem, difficulties in identifying violating organisations or individuals, difficulties in collecting evidence and incomplete legislation.

Lê Ngọc Lâm, deputy director of National Office of Intellectual Property of Việt Nam, said e-commerce had grown vigorously. “Due to the almost infinite author’s privilege and the scope on the Internet, along with the development of e-commerce, online infringement has become a major challenge.”

E-commerce was developing very strongly in Việt Nam, however, the sector had many shortcomings because it still lacks qualified staff, he said.

In addition, co-ordination among agencies caused difficulties and obstacles, he added. “Functional units need to have training courses on e-commerce, strengthening the co-ordination activities between enforcement forces in the prevention and control of intellectual property infringement.”

As the responsible agency for intellectual property issues, the National Office of Intellectual Property of Việt Nam would add sanctions for the electronic transaction environment, while co-ordinating with authorities to resolve domain name disputes and in identifying related issues to Intellectual Property cases, said Lâm, the representative of the office.

Source VNS

VN businesses lack trademark benefits

Mai Hà, Associate Professor and Chairman of the Việt Nam Association of Intellectual Property Rights, speaks to Hải Quan (Customs) newspaper about the poor vision of Vietnamese enterprises in acquiring trade marks for their products.

In your opinion, what are the major hurdles preventing Vietnamese enterprises from implementing the Law on Intellectual Property Rights?

In my opinion, the first hurdle is lack of vision by management boards. Intellectual property rights are legally defined as intangible assets, yet in reality, they are the enterprises’ main assets when seeking to earn from the sales of their products.

Many enterprise heads have not realised the importance of obtaining trade marks for their products. As a result, the firms violate the intellectual property rights of other enterprises or are caught in other legal disputes. Second, other enterprises may copy the their product designs after they have spent a lot of money and effort developing them.

Such damage is avoidable if management boards have trademark knowledge.

However, in Việt Nam many people have argued that as most Vietnamese enterprises are small or medium-size, their financial capacity is limited and they cannot afford to pay the trademark registration fee. They also argue that access to information is poor. I totally object to such poor arguments. According to our Law on Intellectual Property Rights, the fee for trademark registration is affordable to most firms. So the ball is now in their courts. If the enterprises see the benefits of having trademarks for their products, they will go for them immediately. This is something the Government cannot do for them.

In addition, in my opinion, our legal system is lacking. Vietnamese enterprises are currently not accustomed to seek legal aid from lawyers in their business operations. Coupled with that, our lawyers’ knowledge about international legal practices is still limited. As Việt Nam integrates deeper and deeper internationally, our legal system must be on par with that in other countries for the development of the national economy and business.

It is a fact that companies’ knowledge about intellectual property rights is still limited. But quite a few have also deliberately violated the law on intellectual property rights. Do you have any suggestions to deal with this problem?

At the beginning, quite a few enterprises breached the law either unconsciously or unintentionally. But later, some enterprises broke the law intentionally to seek profits. The driving arguments for those enterprises may be that they didn’t intend to expand their production scale. So, in my opinion, functional agencies should organise training workshops and communication campaigns to raise awareness for enterprises about the benefits of having intellectual property rights. In addition, they should adopt policies to help enterprises understand more about their legal rights and responsibility towards their products with intellectual property rights, including Geographical Indicators or trademarks.

Source VNS

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