The memorandum of understanding (MoU), which was signed on Tuesday, will also allow the two sides to share experiences in preventing and combating trade fraud and fake commodities.— VNS Photo Tran Viet

HA NOI (Biz Hub) — The Ministry of Industry and Trade's Market Surveillance Agency and the Intellectual Property Office of the Republic of Korea (KIPO) have signed an agreement to mutually uphold intellectual property rights.

The memorandum of understanding (MoU), which was signed on Tuesday, will also allow the two sides to share experiences in preventing and combating trade fraud and fake commodities.

According to the Ministry of Industry and Trade, counterfeit goods remain a serious problem in Viet Nam as well as many countries in the world, causing billions of dollars in losses for the economies.

In 2013, the total value of smuggled commodities seized by authorities in Viet Nam exceeded VND1 trillion (US$47.4 million).

Statistics from the Market Surveillance Agency showed that imitated products from the Republic of Korea are predominantly cosmetics, food and garments.

In September 2010, in the Republic of Korea, the KIPO established special judicial forces to discourage fake commodities. The forces conducted criminal proceedings against more than 900 smugglers.

The MoU is expected to help Viet Nam build a healthy and equal business environment, moving in a positive direction towards partnership between enterprises of both countries. — VNS