Vietnam Innovation Challenge receives over 750 solutions

Hanoi (VNA) – Technology experts and businessmen have so far submitted 758 initiatives to the Vietnam Innovation Challenge, which seeks innovative solutions from domestic and international organisations and individuals to tackle key national challenges on its path towards prosperity and sustainable development.

Of the solutions, 60% came from startups and the remainder from technological groups and small- and medium-sized enterprises (SMEs). Those that submitted are located not only in Vietnam but also many foreign nations such as Singapore, the Republic of Korea, Hong Kong (China), and the Philippines.

Their submissions focus on the four key areas of enhancing the management capacity of SMEs through digital transformation; applying digital transformation to support SME participation in global value chains; strengthening the linkage between SMEs and FDI and large firms via digital platforms; and enhancing effective dialogue between the Government and businesses through these platforms.

The annual programme is steered by the Ministry of Planning and Investment (MPI) and organised by the National Innovation Center (NIC) and Meta Corporation.

Apart from prizes totaling 300,000 USD, winning solutions will be implemented in Vietnamese localities. Their inventors will receive assistance from NIC, Meta and other partners, including Goldsun Media, Up Co-working Space, Amazon Web Services, Google and Viettel, to improve capacity, research and develop products, and advertise solutions.

The programme is the first to realise the MPI’s InnovateVN initiative, in which NIC works with domestic and foreign tech firms and partners to promote innovation-based economic growth with new business models, products, and processes. This initiative aims to assist the development of 500 pioneering innovation businesses by 2030 and help improve the public sector innovation capacity./.