Headlines 12/07/2017 10:54 SA

New regulations on technology transfer agreements

Hoài Thương

The 2007 Law on Technology Transfer prescribes that technology transfer contracts must be made as follows:

- The contract must be signed and stamped (where available) by contracting parties; signature or stamp (where available) must be affixed to adjoining pages of a contract text and appendices thereto attached;

(The current Law in effect since 2006 has required that, where one of the contracting parties being an organization wishes to apply for legal registration of their agreement, that party must affix their signature, stamp and initial on the contract text, as well as their stamp on adjoining pages of such contract text and appendices thereto attached)

- Language used in a contract must be agreed upon by contracting parties (the regulation under which any technology transfer taking place within Vietnam requires a Vietnamese copy of the contract text will no longer exist).

In addition, any technology transfer contract that falls into the following situations must be registered with state regulatory authorities (except for technologies subject to transfer restrictions of which transfers have been allowed by a technology transfer permit or licence):

- Inward or outward technology transfers from/to Vietnam;

- Domestic technology transfers funded by either the state-owned capital or the state budget, except for those in which the certificate of registration of results of science and technology task performance.

The 2017 Law on Technology Transfer will enter into force from July 1, 2018.

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