Acceleration opportunity for Vietnamese AI startups

AI Accelerator Challenge 2021 has officially kicked off

The AI Accelerator Challenge 2021(AAC 2021) is an acceleration programme specifically designed for Vietnamese AI startups with innovative ideas and products that address the practical needs of the market.

AAC 2021, themed "AI in pandemic – Adapting to the new normal", has been organised with the goal of identifying, incubating, promoting, and developing potential AI-powered applications in numerous fields such as finance, commerce, electronics, telecommunications, manufacturing, agriculture, healthcare, education, transportation, and smart city development. Participants will have the opportunity to undertake a 4-week online training course, after which the top five teams will be awarded prizes including a service support package worth VND500 million($21,740), a business promotion and mentoring course worth VND200 million ($8,700) and up to VND200 million in seed investment with no equity required.

The programme will assist Vietnam’s economic recovery from the COVID-19 pandemic, as well as help to foster the development of a vibrant AI startup environment. “Vietnam should be very proud of its successes in tackling COVID-19,” said Andrew Barnes, Australian Chargé d'Affaires to Vietnam. “Through sponsoring programmes to promote innovative applications using AI, Australia is demonstrating its strong commitment to assisting Vietnam in overcoming the COVID-19 pandemic, supporting economic recovery, and strengthening its innovation system.”

“The government is trying to implement many activities to cope with disruptions caused by COVID-19, in which innovation and the application of advanced science and technology have been defined as the key to increase the resilience of businesses and the recovery of the economy. AI is one of the core technologies that promise to revolutionise many of Vietnam's key socioeconomic sectors such as health, education, business, commerce, finance, and agriculture," Deputy Minister Bui The Duy from the Ministry of Science and Technology (MoST) added.

“We are proud to be a part of this programme,” said Thach Le Anh, founder of VSV Foundation. “AAC 2021 will not only allow Vietnamese AI startups to receive mentoring from top AI technology experts but also support them with business development and fund-raising, including by raising capital from angel investors and leading domestic and foreign venture capital funds. The startups will be able to raise up to VND2 billion ($86,960) after the programme ends.”

This programme is funded by Australia’s flagship Aus4Innovation programme which will disburse AUD11 million ($8.44 million) over four years (2018-2022) to strengthen the Vietnamese innovation system and prepare for Vietnam’s economic and digital future. It is funded by the Australian Department of Foreign Affairs and Trade and managed by the Australian Commonwealth Scientific and Industrial Research Organisation in strategic collaboration with the MoST.