Vietnam State Bank Guides Intermediary Payment Services under Circular 23

In recent years, digital wallet have been a trend in fintech because of the competitive development from the foreign investors to banks in Vietnam or of large technology companies and corporations which are also gradually entering the financial technology market to challenge the conventional banking in Vietnam.

Banking and Finance Law Firm in Vietnam

In a nutshell, digital wallet, also known as online wallet, is an account of payment for the most popular online transactions such as: payment for electricity, water, tuition, phone recharge, buying movie tickets, etc. The function of the digital wallet is operated by linking a bank account, adding money to the wallet and paying for any associated services in a simple and convenient way.

Besides the benefits, digital wallet could also bring possible negative impacts and obstacles in reality. The State realizes the matter and has recently issued policies and regulations on the management of intermediary payment services in Vietnam in order to achieve economic efficiency. On 22^th Nov in 2019, the State bank of Viet Nam promulgates the Circular No. 23/2019/TT-NHNN amending, supplementing some articles of Circular No. 39/2014/TT-NHNN on 11^th Dec in 2014 guiding the intermediary payment services.

One of the new points of the Circular is the regulation on amending and supplementing of the provision of digital wallet. Firstly, when opening a digital wallet, customer must provide, update fully and accurately the information in the digital wallet opening file to providers of digital wallet services and take responsibility for the truthfulness of the provided information; providers of digital wallet services are responsible for checking, comparing and ensuring that the customer’s application for opening Digital wallet is complete, valid and must request customer to complete the linking of Digital wallet to their payment accounts or debit cards which was opened at associated bank before they use Digital wallet. Customer are allowed to associate Digital wallet with one or many of their payment accounts or debit cards (Digital wallet owner) which was opened at associated banks. It can be seen that this new regulation is reasonable, because Digital wallet are a non-cash payment method. Therefore, banks need to have specific information of users to avoid situation of one person opening multiple Wallet accounts for illegal purposes.

Secondly, money to Digital wallet must deposited from: (i) Customer’s payment account or debit card (Digital wallet owner) at the bank; (ii) Receiving money from other Digital wallet opened by the same Providers of Digital wallet services. Customers can use Digital wallet in order to: (i) Payment for legal goods and services; (ii) Transfer money to other Digital wallet opened by the same Providers of Digital wallet services; (iii) Withdraw money from Digital wallet back to customer’s payment account or debit card (Digital wallet owner) at the bank. One of the most remarkable thing is the new regulation on the total limit of transactions via personal Digital wallet of 01 customer at 01 Providers of Digital wallet services (including transactions of payment for legal goods and services and money transfer from Digital wallet to other Digital wallet opened by the same Providers of Digital wallet services) with maximum of VND 100 (one hundred) million in a month, except for personal Digital wallet of persons having contracts / agreements acting as payment acceptance units with Providers of Digital wallet. For organizations, the State Bank does not set the limit for Digital wallet transactions. The regulation of transaction limits for Digital wallet aims to minimize the risk of taking advantage of money laundering, gambling, and performing illegal activities that have been already difficult to manage.

Finally, The Circular stipulates the prohibition of using Digital wallet to conduct transactions for money laundering, terrorist financing, fraud, cheating and other violations of law; Prohibition of rent, lease, borrow, lend Digital wallet or buy and sell Digital wallet information; Supplementation conditions on tools of supervision on activities of providing Digital wallet services to the State Bank by Providers of Digital wallet services.

Lawyers in banking andfinancial service advisory desk of ANT Lawyers always follow the development of law, especially in fintech where changes are fast to cope with the development of technology and market demand, to provide update to its clients.

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Subject Matters of Intellectual Property Rights

Intellectual property subject matter is divided into three groups included: subject matter of copyright, subject matter of industrial property rights, subject matter of rights to plant varieties. In details:

Protect Intellectual Properties Rights in Vietnam

-The subject matter of copyright shall comprise literary, artistic and scientific works; the subject matter of copyright related rights shall comprise performances, audio and visual fixation, broadcasts and satellite signals carrying coded programmes.

-The subject matter of industrial property rights shall comprise inventions, industrial designs, designs of semi-conducting closed circuits, trade secrets, marks, trade names and geographical indications.

-The subject matter of rights to plant varieties shall comprise plant varieties and harvested materials.

Pursuant to Intellectual Property right 2005 (amended in 2009), Intellectual property rights means rights of an organization or individual to intellectual assets comprising copyright and copyright related rights, industrial property rights and rights to plant varieties. For example, software computer program can be protected under Copyright, or name of a product can be protected under Industrial property right that is Trademark or the outward appearance of a car can be protected as Industrial design.

However, intellectual property rights are generated and established based on certain grounds:

Firstly, copyright shall arise at the moment a work is created and fixed in a certain material form, irrespective of its content, quality, form, mode and language and irrespective of whether or not such work has been published or registered. For instance, a musician is about to write a song, however, the idea of the song still bears in mind of the musician and have not written down yet. At that time, copyright of the musician still does not generate.

Secondly, related rights shall arise at the moment a performance, audio and visual fixation, broadcast or satellite signal carrying coded programmes is fixed or displayed without causing loss or damage to copyright. Related right is the right related to copyright. Proceeding to above example, when the musician has finished writing his song and is sung by the singer on stage, the right of the singer to sing the song of the musician is related right.

Thirdly, different grounds for the generation and establishment of industrial property right. As said above, industrial property rights include 7 subject matters: inventions, industrial designs, designs of semi-conducting closed circuits, trade secrets, marks, trade names and geographical indications. These subjects have different grounds for generating and establishing right:

-Industrial property rights to an invention, industrial design, layout design, mark or geographical indication shall be established on the basis of a decision of the competent State body to grant a protection title in accordance with the registration procedures;

-Industrial property rights to a trade name shall be established on the basis of lawful use thereof;

-Industrial property rights to a trade secret shall be established on the basis of lawful acquirement of the trade secret and maintaining confidentiality thereof.

Fourthly, rights to a plant variety shall be established on the basis of a decision of the competent State body to grant a plant variety protection title in accordance with the registration procedures

It is wise to consult the advice of a IP attorneys in Vietnam to help assist you with your patent. We are a legal marketplace with quality lawyers who are knowledgeable in various areas of the law—including patents.

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What are the characteristics of trademarks?

A trademark may be a word, slogan, logo, sound, motion – any symbol which when attached to a good or service, distinguishes the good/service from competitors and enables consumers to immediately recognize the source of the good/service sold. In order to file a trademark application with the United States Patent and Trademark Office (USPTO), the applicant must provide various pieces of information within the application including;

Register trademark in Vietnam

-The contact information of the applicant

-The legal status of the applicant (a person or business entity)

-The nature of the trademark (is it a word, design, slogan, or sound/motion trademark)

-The description of the Trademark

-The class of goods/services to which the Trademark will be assigned

-A description of the goods/services

-A specimen showing use of the goods/services in commerce

-A statement of first use of the trademark, both generally, and in commerce

-An indication that the Application is an Intent-to-Use if the mark has not yet been used in commerce

After the entire trademark application has been filled out, the applicant submits it along with the required fee (typically $275 or $225 per class of goods) and waits anywhere from 3-5 months to hear back from the USPTO with either a confirmation that the trademark is acceptable or with a Trademark Office Action, detailing why the trademark is unacceptable and the corrective measures that must be taken to amend the trademark application.

Source: Quora

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Korean Venture Capital Poured into Vietnam

According to Adjust’s Mobile Growth Map – a mobile market research company, Vietnam is the fastest growing application market that keeps Internet users.

In 2017, Korean President Moon Jae-in announced a new policy aimed at strengthening the relationship between Korea and ASEAN. These policies have boosted the dynamism of Korean companies to Southeast Asian business.

More and more companies in every field aim to Southeast Asia. Many of them, are venture capitalists.

Over the past two years, Southeast Asian technology companies have signed numerous agreements involving Korean investors, such as the 50 million USD investment in Bukalapak e-commerce company of Mirae Asset-Naver Growth Fund, seed sponsorship deals for real estate startups from BonAngels Venture Partners and Kakao Ventures.

In addition to trade and real estate, Korean venture capital funds have poured money into almost every other important area of Southeast Asia including fintech (KIP’s investment in C88 in Singapore), car (SoftBank Ventures Korea in Singapore by Carro), travel (BonAngels and Nextrans in Vietnam) and logistics (Nextrans and FuturePlay into EcoTruck Vietnam).

In recent years, Korean venture capital companies have also established joint funds with partners in Southeast Asia to target startups in the region, including a cooperation fund worth 87 million USD of Korean Investment Partners with Golden Equator, the 100 million USD cooperation fund of Intervest and Kejora Ventures. The bigger ones are Hanwha Asset Management and Golden Gate Ventures with 200 million USD fund and most recently the investment fund of about 100 million USD of KB Investment and MDI Ventures.

In 2017, Southeast Asia’s private capital and venture capital surpassed Europe for the first time, with the amount of 23.5 billion USD invested in this area, nearly three times higher than in 2016, according to data from Singapore Venture Capital & Equity Association

(SVCA). Investments in startups doubles to 8 billion USD. In 2018, Alibaba invested an additional of 2 billion USD in Lazada while Indonesia’s Gojek closed the 1.5 billion USD funding round.

Korean investors pay special attention to Indonesia and Vietnam. According to the Vietnam Technology Investment Report of Cento Ventures and ESP Capital, 13 of 61 venture capital funds operating in Vietnam in the first half of 2019 are Korea.

According to Adjust’s Mobile Growth Map – a mobile market research company, Vietnam is the fastest growing application market that keeps Internet users.

One of the reasons is that Vietnam is the market with the largest potential for internet growth worldwide.

That’s why so many businesses come to this region, and so many acquirers are actively looking for Southeast Asian companies. Silicon Valley giants like Google and competitors are beginning to look more seriously at Southeast Asian companies as an investment and acquisition opportunity.

ANT Lawyers - Vietnam international law firm is supported by a team of experienced Vietnam Law  and skills handling full range of legal services relating to setting up business in Vietnam.

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How do you know when it's time to renew your trademarks?

As regulation of law on intellectual property, the mark, trademark or service mark, is one of protected subjects of industrial property right. However, to be protected by law, the owner of mark shall apply protection registration dossier to competent authority prior. When the owner registers and is granted a certificate of registered mark, the owner shall have the exclusive right to label the product, service or both, right to allow others to use the mark throughout mark license contracts, right to assign the mark ownership and right to prevent breaching action from any third party.

Trademark in Vietnam

The receiving of the trademark registration certificate is not a final point in your trademark life. To keep your trademark valid you must renew it every 7-20 years depending on the country the mark is registered in. There are no limits on how many times your trademark can be renewed. You can do it 1, 3, 6 times or do not do it at all if you don’t want to use your mark more.

The renewal date is indicated on the website of the Intellectual Property Office of the country where your trademark is registered. The only way to know it is just to remember this date. You can set a reminder on your phone or computer, print the date and put it up on the wall or think out another method to keep it in mind. The main thing is not to miss this date, otherwise, your mark will be canceled.

It might be easier if you hire trademark lawyers in Vietnam to register your mark because he will probably send you an email with the notification that it is time to renew your trademark.

Hope this help!

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Should a startup founder worry about patents?

When you are in the early stages of your start-up, it may be tempting to cut corners in any way that you can to save time and money. However, you should realize that by doing this you aren’t setting up your business for the best scenario for success. 

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If you believe that your company brings a unique invention that other people could find useful, then you can certainly apply for a patent. Doing so early on can protect your business from potential issues in the future and it will solidify your legal claim to the idea that you are patenting. You may be surprised to learn that disputes over patents between companies is not exactly rare. If you put patents at the top of the list early on, you will save yourself a lot of headache in the future.

It is wise to consult the advice of a patent attorneys in Vietnam to help assist you with your patent. We are a legal marketplace with quality lawyers who are knowledgeable in various areas of the law—including patents.

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What are requirements for a patent?

Here are for obtaining a patent under U.S. law.

Requirements for Obtaining a Patent

Patent Attorney in Vietnam

1. To obtain a patent in the U.S., you must demonstrate that the idea is:

 -Eligible for patent protection

-Novel and does not infringe on the patents of another

-Non-obvious

-Useful

2. Once you have determined that your patent meets the above through development of your idea and a thorough patent search, you would then prepare and file your patent application along with the requisite filing fee.

Is It Necessary to Have a Prototype or Are the Designs Enough? and How Specific Do the Designs Need to Be?

While a prototype can be helpful in supporting your patent application, a working prototype is not required to apply for patent protection. However, you are required to describe your invention with a level of detail such that a skilled individual could recreate your invention from the specifications. Essentially, you will need to provide as much detail as possible.

Is It Possible to Get a Patent for Free?

You will need to pay the filing fees to the USPTO associated with your patent application. You can find a schedule of the USPTO fees here. Additionally, given the complexities of the patent process, you may also want to retain a patent attorney to assist you to improve the likelihood that your application will be approved.

Source: Quora

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Can I do trademark registration by myself?

If you are a resident of the country you can register a trademark by yourself in the National Trademark Office. However, the process is very complicated and without appropriate assistance, it is very unlikely to fill out all documents and go through the whole procedure successfully.Because of this, it is better to hire a professional attorney, who is able to simplify the process of registration for you and save your time and money.

 Trademark in Vietnam 

There is a slightly different situation with international registration. Foreign residents have no direct access to the National Trademark Offices in other countries. Due to this if you wish to file for a trademark somewhere outside of your country of residence, you have to hire a professional local attorney to represent your interests there.

There is only one exception WIPO | Madrid – The International Trademark System. However, the system is available only for countries-members (121 countries of the world) and only for residents of these countries, provides very limited protection and requires a considerable amount of time and effort for registration.

First, you apply for a t+ in your country of residence and wait until you obtain a trademark there, after, using WIPO, you file the trademark in other countries through your National Trademark Office and wait for registering your mark there.

However, an experienced attorney is always able to simplify the process of registration, increase the chances and the speed of registration and save your time and money. If you're looking for an affordable  IP attorneys in Vietnam, check out ANTLawyers.vn. ANTLawyers.vn was established to meet these needs by providing fast, effective and economical solutions. Hope that clears things up a bit. Feel free to message me directly to chat further about any other IP questions that you face.

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The provisions of law on copyright infringement

The US-China trade war, especially disputes over intellectual property (IP), once again alarmed business executives about the importance of complying with laws and strengthening management capacity for protecting and avoiding infringement of IP rights of any other country, when participating in global "games". One of the most vulnerable objects of intellectual property is computer software. So, in Vietnam, what are the policies to overcome piracy of computer software?

Copyright in Vietnam

Referring to the operation of the WTO, people often mention the activities of the Trade Council under the General Assembly. There are three trade councils (as known as three "pillars" of the WTO): the Council for Trade in Goods, the Council for Trade in Services and the Council of Trade-Related Aspect of Intellectual Property Rights. In particular, the Council on Trade-Related Aspect of Intellectual Property Rights is responsible for activities that fall within the scope of the  Agreement on Trade-Related Aspect of Intellectual Property Rights (TRIPS Agreement), as well as coordination with other international organizations in the field of IP rights.

According to the request of the TRIPS Agreement, each member state or WTO member must give full and effective protection of intellectual property rights to citizens of other WTO members in accordance with the principle of national treatment and most favored nation. Specifically, members must have a legal system and apparatus to protect intellectual property rights (including: copyright and related rights, patents, business secrets, trademarks, industrial designs, integrated circuit layout design, geographical indications and unfair anti-competitive rights) meet the TRIPS Agreement minimum standards for content, scope, time limits and enforcement of rights.

Besides, the Berne Convention allows authors to enjoy copyright for a lifetime and a minimum of 50 years thereafter. However, countries that comply with the convention are allowed to extend the term of copyright. Regarding the world situation, through free trade agreements, developed countries like the United States and Japan ... want to work towards a stronger enforcement mechanism than the standards set forth in the agreement when it comes to the trade of intellectual property rights. In particular, developed countries tend to "criminalize" intellectual property infringements by expanding the subject of criminal enforcement measures to infringements of inventions, business secrets, trademarks, industrial designs, integrated circuit layout design, ... not just violations of trademarks, copyrights and related rights. Criminally infringed intellectual property rights also tend to be expanded.

Vietnam is increasingly integrating deeply into the economy with the region and the world through free trade agreements with leading partners such as the United States, Japan and the European Union. The enforcement of intellectual property rights by criminal means is one of the important contents in the negotiation of new generation free trade agreements and is particularly emphasized by development partners. In recent years, the law on enforcement and protection of intellectual property rights, including enforcement by criminal measures, has been constantly strengthened, improved and contributed to improving the effectiveness of enforcement activities to protect IP rights. With the efforts of the Government, the activities of protecting copyright and related rights have made significant progress. The State has issued many legal documents on this field, the Vietnamese laws have been developed and completed from the practice of management and administration for copyrigh, acquired international standards, met the requirements to promote effective protection and international integration.

Regarding the protection of intellectual property rights, especially for computer software, Vietnam has signed many bilateral and multilateral international treaties related to copyright and related rights. Accordingly, Vietnam has an obligation to protect copyright and related rights under international treaties to which Vietnam is a member. At the Resolution of the 9th Plenum of the Party Central Committee, Session XI (Resolution No. 33-NQ / TW) on building and developing culture and people of Vietnam to meet the requirements of sustainable development of the country, stated: “Raising awareness of the implementation of legal provisions on copyright and related rights in the whole society. Strengthen and enhance the operational efficiency of copyright management agencies and agencies from central to local levels.”

Criminal Code No. 12/2017 / QH14 amending and supplementing a number of articles of the Criminal Code No. 100/2015 / QH13, effective from January 1, 2018, demonstrating the determination of the Vietnamese Government to strictly enforce against copyright and related rights violations, including computer software copyrights. Under the new provisions of the amended Criminal Code, for the first time, commercial legal entities shall be criminally responsible for crimes infringing copyright and related rights. Article 225 of the amended Criminal Code has introduced sanctions to overcome violations of copyright and related rights. Including  computer software  copyright. With the new strict penalty framework that the Criminal Code 2015 will apply to commercial entities that intentionally violate computer software copyrights in particular and copyrights in general, the rate of software piracy Vietnam will be able to significantly reduce, create a fair competitive business environment for businesses, as well as promote the development of the socio-economy in the context of Vietnam's deep and broad integration into the international economy.

If you're looking for an affordable IP attorneys in Vietnam, check out ANTLawyers.vn. ANTLawyers.vn was established to meet these needs by providing fast, effective and economical solutions. Hope that clears things up a bit. Feel free to message me directly to chat further about any other IP questions that you face.

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Questionnaire on Anti-Dumping Investigation on Some Monosodium Gluamate Products Case AD09

Pursuant to Decision No. 3267/QD-BCT dated on November 15^th, 2019 of the Minister of Industry and Trade on investigating to impost anti-dumping measures on some monosodiumgluamate (MSG) products originating from the People’s Republic of China and theRepublic of Indonesia (code no.AD09), the Department of Trade Remedies issued an anti-dumping investigation questionnaire to foreign manufacturers/exporters.

Anti-dumping Lawyers in Vietnam 

The Investigating Authority requires all relevant foreign manufacturers/exporters to cooperate and participate sufficiently during the investigation. The content of the response will be the basis for the Investigating Authority to review and draw a conclusion of the investigation of this case. In the event that the Investigating Authority does not receive timely responses from foreign manufacturers/exporters or the information provided is incorrect or incomplete, the Investigating Authority will use information and documents provided by related parties; information and documents collected by the Investigating Authority or available information and documents for drawing a conclusion.

The relevant parties must respond to the Investigating Authority before 17:00 December 23^rd, 2019 (Hanoi time).

To ensure its rights and interests, the relevant parties who want to extend the time limitation of response are suggested registration of extension before November 30^th, 2019 (Hanoi time). If the manufacturers/exporters registers after the deadline, it is possible that the Investigating Authority shall not appove their registration. For registration of relevant parties, organizations and individuals register according to the form of relevant party registration form issued in Appendix 1 attached to Circular 06/2018/TT-BCT and send it to the Investigating Authority via post office or email.

International Trade legal department of ANT Lawyers, a law firm in Vietnam would help client in anti-dumping cases response and following up in Vietnam with the Ministry of Trade and Commerce

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