(VOVworld)-Joining the Trans-Pacific Partnership (TPP) and signing a Vietnam-EU Free Trade Agreement (EVFTA) will create an opportunity for Vietnam to bring its intellectual property rules in line with international standards.

A Vietnam-EU Free Trade Agreement will have a significant impact on Vietnam’s economic and legal institutions, particularly regarding intellectual property. Director of the WTO and Integration Center of the Vietnam Chamber of Commerce and Industry Nguyen Thi Thu Trang said Vietnam needs to review the compatibility of its laws with TPP and EVFTA commitments on intellectual property.

“We’ll have to carry out institutional reform, improve the business environment, and increase the competitiveness of businesses and the whole nation. Free trade agreement commitments will definitely boost Vietnam’s reform process”, Ms. Trang said.

Though most of Vietnam’s legal commitments on intellectual property are compatible with TPP and EVFTA principles and standards, Vietnam needs to do more on this issue, according to Director of the SB law firm Pham Duy Khuong:

“Vietnam’s Law on Intellectual Property needs to cover some wider aspects including criminalizing violations of intellectual property rights, and the import or export of items infringing copyrights.”

Fine-tuning intellectual property legislation will help Vietnam attract more investment, regardless of when free trade agreements it has signed take effect.