Vietnam is a signatory to the Patent Cooperation Treaty (PCT), having joined in 1993. However Vietnam is not a signatory to the Hague Agreement, which allows for the protection of designs in multiple countries. Vietnam’s patent law operates under the ‘first to file’ principle.
For further information on filing in Vietnam, please contact Brett Lunn.
Vietnam has seen rapid economic growth over the past few decades and is committed to global economic integration. With a 2015 GDP of US$198.8b, changes to the economy have resulted in increased exports and foreign direct investment, as well as a 48% reduction in poverty between 1993 and 2010.
During this period, Vietnam has also lifted over a third of the population out of poverty and achieving lower middle-income status. They are currently in a transition to an outward focussed, industrialised, market based economy with high long-term potential due to its young, increasingly wealthy population.
Vietnam is the world’s second-largest coffee producer after Brazil and rice exporter after Thailand. As the economy is still developing, agriculture is a key source of income and employment for the country, employing more than half the workforce.
In 2015, Australia and Vietnam signed a Declaration on Enhancing the Australia-Viet Nam Comprehensive Partnership, with an aim to set the strategic agenda over the coming years for the relationship, including regional and international cooperation, trade and investment, and development. Both countries continue to work towards establishing a step by step plan of action to improve bilateral cooperation.