Prime Minister Nguyen Xuan Phuc affirmed the Government commits to protection of intellectual property (IP) rights for startups. 

Prime Minister Nguyen Xuan Phuc addresses the 2020 Startup Youth Forum,
Ha Noi, November 27, 2020. Photo: VGP

Speaking at the 2020 Startup Youth Forum on Friday, the Government chief said IP, which refers to creations of the mind, such as inventions, literary and artistic works, designs, and symbols, names and images used in commerce, is the invaluable asset of a startup.

He urged ministries, agencies and local authorities to consider providing assistance to businesses and startup as their top priority in their working agenda.

Phuc also demanded ministries, agencies and localities to regularly hold dialogues and set up platforms to share information with startups.

The Ministry of Finance was assigned to mull over the establishment of a channel to mobilize capital for startups, said PM Phuc.

He emphasized the need to have training programs to accelerate startups.

The forum draws the participation of several Cabinet ministers. Photo: VGP

The forum is part of the 2020 National Innovation Start-up Festival (Techfest Viet Nam) with the participation of 500 delegates, including leaders of ministries, students and young entrepreneurs.

Launched in 2015, Techfest Vietn Nam includes a series of activities that connect and gather the components of the ecosystem to support innovative startups. Over the past five year, 15 localities have hosted this event.

Viet Nam moved up 13 places from last year to 59th in ranking of 100 economies with the best startup ecosystems, according to a report released in May by StartupBlink, a global comprehensive startup ecosystem map and research center.

The report ranked 100 countries and territories around the world based on three aspects, namely quantity, quality and business environment.

Despite the improvement, Viet Nam remains behind several Southeast Asian peers like Singapore (16th), Malaysia (48th), Thailand (50th), the Philippines (53rd), and Indonesia (54th).

The attendance of PM Phuc at this year’s forum reflects the Government’s determination to address institutional bottlenecks in order to create most favorable ecosystem for startups to thrive./.