You intend to follow the road ahead. Are you obliged to yield the right of way to the vehicle approaching from the left?

In the visible situation, the red vehicle is exiting a property driveway, which means it is entering traffic. According to Art. 17 para. 1 pt. 1 of the Road Traffic Act, a driver entering traffic is obliged to exercise extreme caution and yield the right of way to all other vehicles. For this reason, you are not obliged to yield priority to it.