Hanoi (VNA) – To penet𓃲rate into the European market, businesses should acquire a thorough understanding of regulations on protection and implementation of intellectual property rights, according to Minister of Industry and Trade Tran Tuan Anh.

The EU-Vietnam Free Trade Agreement (EVFTA) is a new generation free trade deal with high commitments, especially intellectual property issues. Therefore, the acquisition of relevant information will help businesses take advantage of the agreement’s benefits.

Many tariff lines to be brought to zero percent

On June 30, 2019, the EVFTA was officially signed, opening up a promising and new cooperation period between Vietnam and the EU, as well as bringing practical benefits to the people and businesses, and creating a driving force for multiple industries and sectors. For Vietnam, the EVFTA is expected to contribute actively to the country’s export growth and market diversification, said Minister Anh. Once the agreement comes into effect, 85.6 percent of goods items (equal to 70.3 percent of Vietnam’s export turnover to the EU) will enjoy tariff lines of zero percent. After seven years, the figures will be 99.2 percent and 99.7 percent, respectively. Luong Hoang Thai, director of the ministry’s multilateral trade policy department, said the EVFTA will help diversify markets and exports, especially farm produce and aquatic products. Besides, the EVFTA will create a momentum for institutional reform and business environment improvement towards transparency and in line with international practices, he added. Additionally, the agreement will also help businesses access high technologies from European countries, thus helping Vietnam increase productivity and quality of products, facilitating the establishment of new production value chains. Vietnam has a great opportunity to become a transit point connecting the EU’s trade-investment activities in the Association of Southeast Asian Nations (ASEAN), Thai said.

Understanding thoroughly regulations of intellectual property

Despite enormous opportunities, businesses should have a grasp of regulations on protection and implementation of intellectual property and technical barriers to make inroad into the European market, according to Minister Anh.

This requires businesses to promote innovation and absorb new technology to improve the quality of their products, the minister said, adding that only by so doing can businesses stand firm in the global fierce competition.

According to Tran Huu Linh, Director of the General Department for Market Management, said the violation of intellectual property🌞 is taking place in a quite complicated way with more sophisticated tricks. Therefore, it is necessary to develop a national strategy on intellectual property and enforce intellectual property rights.

Besides raising public awareness of the issue, it is important to enhance coordination between administrative, judicial and professional agencies through information sharing, he suggested.

Vietnam and the EU signed the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) in Hanoi on June 30 this year in the witness of Prime Minister Nguyen Xuan Phuc.

After nine years of negotiations, the EVFTA was officially inked. Vietnam is the fourth country in Asia-Pacific and the seco🔜nd in A🌌SEAN to have signed the deal.

After the signing, the EVFTA and EVIPA are expected to be submitted to the European Parliament for ratification.

The signing of the two agreements with the EU shows Vietnam’s strong determination and commitment to making deeper integration into the global economy and contributing to its growth, especially in the context of unpredictable developments in politics and economics.

Vietnam will have an opportunity to tap the EU🎐 markets with a total❀ population of 508 million and a total gross domestic product (GDP) of around 18 trillion USD.

Under the EVFTA, Vietnam’s exports to the EU market are forecast to rise 4-6 percent compared to a non-FTA trade relation to reach 19 billion USD. Its exports are expected to touch 75 billion USD in 2028./.