New Circular on financial management for implementation of the Intellectual Property Development Program to 2030

New Circular on financial management for implementation of the Intellectual Property Development Program to 2030

On September 9th, 2021, the Ministry of Finance issued Circular 75/2021/TT-BTC stipulating financial management for the implementation of the Intellectual Property Development Program to 2030 (the “Program”). 

The state budget supports funding based on the approved tasks according to the following principles: 

  • The state budget provides 100% funding for the performance of tasks for state management agencies, political organizations and socio-political organizations, and public non-business units spending on recurrent expenditure by the state budget;
  • The state budget provides parts of funding on the basis of the unit’s income ability (the maximum state budget support rate must not exceed 70% of the total estimated cost to perform tasks) for public non-business units partly spending on recurrent expenditures themselves;
  • The state budget provides no more than 50% of the total estimated budget to perform tasks for public non-business units those are totally spending on their own recurrent and investment expenditures themselves, and public non-business units those are totally spending on their own recurrent expenses themselves; non-public non-business units, enterprises and other organizations. 

Specific regulations on the purposes and level of state budget financing performance of tasks shall comply with relevant current regulations, focusing on the following purposes: 

  • Enhancing activities to create intellectual properties, improving the quality of human resources on innovation and intellectual property area;
  • Promoting the registration of intellectual property protection in Vietnam and abroad;
  • Improving the efficiency of management, exploitation and development of intellectual properties;
  • Promoting and strengthening the effective enforcement and prevention of intellectual property rights infringement;
  • Developing and improving the capacity of intermediary organizations and intellectual property rights holders;
  • Forming and creating a culture of intellectual property in society;
  • Spending on the management and general activities of the Program.

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This legal update is for general information only and is not a substitute for legal advice.