New regulations on technology transfer contracts
The technology transfer law 2017 regulates the conclusion of a technology transfer contract as follows:
– The contract must be signed and sealed (where available) by contracting parties (if any); 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, when 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 the 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 one of the following cases must be registered with state agencies (except for the technologies subject to transfer restrictions of which transfers have been allowed by a transfer permit or license):
– 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 technology transfer law 2017 will take effect from July 1, 2018.
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