In the digital age and knowledge economy, as values increasingly shift from tangible assets to intangible assets, intellectual property has become a strategic asset for both individuals and businesses.
However, in Vietnam, although mentioned more in recent years, intellectual property rights have not yet been truly seen as a "hard infrastructure" of the creative economy.
For individuals, intellectual property includes copyright to content, creative ideas, inventions, software or personal imprints in the digital space. This is a tool to protect labor, helping to affirm value and create sustainable revenue in an environment where illegal copying and exploitation are easy. Whoever holds and controls intellectual property rights, that person holds the right to control the value created by themselves.
As for businesses, intellectual property plays a core competitive advantage. Brands, patents, algorithms, data, and product design not only determine market position but are also the foundation for attracting investment, expanding cooperation, and defending against legal risks.
In the context of AI and digital transformation taking place strongly, where business value is no longer mainly in factories or machines, units lacking intellectual property strategy are easily lagging behind, even though technology or capital sources are not weak at all.
Therefore, nationwide, intellectual property has become one of the strategic pillars to improve competitiveness in the creative economy. However, the gap between awareness and practice in Vietnam is still quite large.
When the entertainment industry begins to "awaken up" to IP
Talking to a reporter of Lao Dong Newspaper, writer - screenwriter Pham Dinh Hai, the "father" of many hit crime films such as: "Doc Dao", "Biet Duoc Den", "Mat Lenh Hoa Sua"..., said that in recent years, the Vietnamese entertainment industry has really paid attention to the concept of intellectual property (Intellectual Property - IP), which has been familiar in the world for a long time.
If in the past, sharing ideas, images or characters was almost a habit, now the value of IP is only truly recognized after specific cases," Mr. Hai said.
The first milestone was the controversy surrounding the Trang Ti film project, when the conflict between the producer and the artist brought the copyright issue to public attention. After that, the phenomenon of "Wolfoo - Wealth God" not only caused a fever among young audiences but also led to an international lawsuit.
Along with legal controversies, domestic IPs such as: "Thỏ bảy màu", "Én..." are gradually finding a foothold, showing the systematic development potential of domestic creative products.
From these stories, IP is no longer seen as a "fun idea", but is seen as a real economic asset. Profits from IP come not only from movies or comics, but mainly from derivatives (merchandise) and licensing activities.
Typically, the movie "Frozen" grossed about 1.4 billion USD in ticket revenue, but derivative products and brand licenses surrounding the character Elsa brought in about 2 billion USD more," Mr. Hai cited.
Also according to writer - screenwriter Pham Dinh Hai, owning a strong IP can bring stable revenue for a long time, even increasing value if exploited properly, as in the case of the Marvel universe.
The reality of world cinema shows that most of the current blockbusters are sequels or films based on available IP. Conversely, completely new projects, even with good content, are still very difficult to recover capital.
To make a sequel or follow-up film, the prerequisite is to have the right to use IP," Mr. Hai emphasized.
However, making IP difficult is not only because of capital or technology. According to Mr. Hai, to understand why IP is difficult to build, it is necessary to understand the true nature of IP. Intellectual property is not only in the author's computer, copyright certificate or images appearing on the screen. The nature of IP is deeper, in the public's memory.
Take Songoku (in Seven Dragon Balls). This is not just a character, but a symbol of strength, righteousness, innocence and martial spirit. That symbol exists in the memories of millions of people. Hello Kitty or the Marvel world is also the same. The more people remember, love and attach IP, the greater the value.
Therefore, building IP is essentially building memory; developing IP is making that memory spread and sustainable; while protecting IP is protecting its position in the social mind.
Legal loopholes and the IP financialization problem
From a legal and business perspective, in an exchange with Lao Dong Newspaper, lawyer Truong Anh Tu - Chairman of Truong Anh Tu Limited Liability Law Company, Member of the Standing Committee of the Central Vietnam Economic and Environmental Association - said that reality is posing an urgent requirement to protect and develop intellectual property as a true economic asset.
A business can spend tens of billions of VND on research, design and brand building, but it only takes competitors to copy 70% to lose the market.
A start-up owns core technology but cannot borrow capital because the bank does not accept patents as collateral. A scientist has a patent but cannot commercialize it because no one can value it.
In that context, the financialization of intellectual property becomes urgent. According to lawyer Truong Anh Tu, it is necessary to clearly establish legally that intellectual property is an asset with economic value equivalent to real estate, stocks or other tangible assets. At the same time, it is necessary to develop valuation standards, accounting records and include intellectual property in the enterprise's financial balance sheet.
Only then can IP become a basis for capital mobilization, IPO, M&A, as well as developing financial instruments such as insurance, credit based on intellectual property or innovation guarantee funds.
When intellectual property rights are fully protected and operate effectively, creativity truly becomes capital for development. That is also when intellectual property, the "hardcore" that is lacking, is fully assembled into the economy, creating a foundation for long-term growth in the digital age.
