Beyond TPP: Legal Reform for Financing Intellectual Property and Innovation in Vietnam

Abstract

Chapter 18 of the Trans-Pacific Partnership (TPP) trade agreement dictates a robust regime of intellectual property rights, protection, and enforcement beyond the existing Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement and the bilateral agreement signed between Vietnam and the United States. Other scholars have focused on the specific types of intellectual property, such as trademarks, patents, copyrights, trade secrets, and biologics, along with recommendations for implementation of compliance by Vietnam. No scholars have discussed the legal reform necessary to encourage financing for innovation in Vietnam. This essay posits that in order for Vietnam to become a creator of new ideas, intellectual property, and innovation, the country urgently needs legal reform relating to financing innovation. Startups, entrepreneurs, and small businesses cannot develop new ideas and technology without access to credit for business operation and growth. Legal reform in the area of financing innovation requires additional revisions of Vietnam's newly revised secured transactions law and the newly adopted insolvency law, along with an amendment to the existing intellectual property law.