Vietnam’s Ministry of Planning and Investment on Monday launched the Vietnam Innovation Challenge (VIC) 2024 program, with prizes totaling US$300,000, to seek innovation solutions from around the world toward a goal of innovation accounting for 40 percent of the country’s gross domestic product (GDP) by 2030.

Initiated and steered by the ministry, the VIC 2024 is organized and conducted by the National Innovation Center (NIC) in conjunction with U.S. tech giant Meta Group under the topic ‘Innovation to Accelerate the Semiconductor Industry and Artificial Intelligence (AI) to Go Global.’

The annual program, which also welcomes coordination of other domestic and international partners, seeks creative initiatives from individuals and organizations from all over the world that help overcome key national challenges to bring prosperous and sustainable development to Vietnam.

VIC 2024 aims to support and develop 500 pioneering enterprises leading the economy by 2030.

It also focuses on enhancing innovation capacity in central and local government agencies, according to the program's website.

It will develop a comprehensive innovation ecosystem in Vietnam to make the country an attractive destination for technology and innovation investors with the presence and operation of the world's 500 largest corporations.

The overall goal of the program is to further promote innovation so that it can represent 40 percent of the country’s GDP by 2030.

The VIC 2024 seeks and recognizes solutions that enhance the quality of the semiconductor value chain in design, packaging, and testing phases, with a priority on applications related to AI.

Also being sought are solutions that apply AI technologies to supporting enterprises to enhance business efficiency.

All initiatives submitted to the program will be evaluated and selected on a set of criteria including uniqueness, sustainability, effectiveness, readiness, competence, and scalability.

The VIC 2024 will provide a total prize pool of $300,000 for chosen innovative solutions, and the specific number of prizes is yet to be announced.

VIC winners will also be given privilege support packages, including technical support, co-working spaces, market expansion opportunities, and promotion of images and brands.

The organizing board will hold a press conference next Monday to launch the VIC 2024, for which the application deadline is May 31.

After compiling and screening applications, the organizers will conduct a preliminary selection in June in preparation for the official evaluation to be carried out in September.

The announcement and recognition of the winner are scheduled for October. 

During the inaugural year of the VIC in 2023, organizers received 758 proposals for digital transformation solutions and products from many countries with well-established innovation ecosystems, including the U.S., South Korea, and Singapore.

Twelve prizes were awarded to the most exceptional innovation solutions in the VIC 2023 program.

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