To support and stimulate businesses’ IP activities during the Covid-19 pandemic, the Ministry of Finance has issued Circular No. 45/2020-TT-BTC on 26th May 2020 which will reduce by 50%, the following Industrial Property (IP) prosecution fees, among others:
- Fees for filing applications for IP registration
- Fees for issuance of IP registration certificates and recordal of IP assignment contracts
- Fees for annuity, renewal, cancellation, and invalidation of IP registration
This adjustment will run from 26th May 2020 to the end of 2020. After this period, fees will revert back to their previously prescribed rates.
Although the reduction is limited and applied for only small charges (ranging approximately from US$2 to US$9 per application), the amount of cost saved can be significant, particularly for businesses that file many IP applications or hold many IP registrations. This movement also reflects the Government’s attempt to assist IP applicants and to share companies’ economic difficulties caused by the pandemic.
The article was originally featured in the Rouse magazine. To view the original article, click here: https://www.rouse.com/magazine/news/vietnam-reduces-ip-fees-amid-covid-19-pandemic/?tag=vietnam