Vietnam reduces IP filing fee for pandemic-affected businesses, individual
21 August 2023
On June 29, 2023, Vietnam’s Minister of Finance issued Circular No. 44/2023/TT-BTC which reduces the collection rates for 36 fees and charges in the country from 10 to 50 percent.
The objective of Circular No. 44 is to help individuals and businesses in Vietnam, which continue to struggle amid the challenges posed by the Covid-19 pandemic.
Among these fees and charges are those for filing an application for protection of intellectual property rights. According to Circular No. 44, the fee for filing an application for IP rights protection is “equal to 50 percent of the fee rate specified at Point 2, Section I, in the Schedule of Fees and Charges in the field of cultivation and forestry tree varieties promulgated together with Circular No. 207/2016/TT-BTC.” This means the rate for IP filing went down from US$6.5 to around US$3.25.
“Although the reduction is minimal, it will nevertheless support individuals and businesses in difficult economic conditions during the recovery from the pandemic. Furthermore, the government may extend the reduction period, depending on socio-economic circumstances,” said Thi Kieu Hoa Tran, special counsel at Baker McKenzie in Hanoi.
The fee reduction will apply from July 1, 2023 to December 31, 2023.
“In addition to the filing fees, applicants must pay other official fees, which are calculated based on the number of goods and services, priority claims and so on. These types of fees are not reduced according to Circular No. 44,” added Tran.
During the Covid-19 pandemic, Vietnam’s government implemented a similar fee reduction policy which took effect from July 2021 to June 2022.
- Espie Angelica A. de Leon