Vietnam Innovation Challenge 2024 kicks off

The launch was hosted by Vietnam's National Innovation Center (NIC) in collaboration with Meta Corporation on March 18.

The Vietnam Innovation Challenge 2024 (VIC) highlights innovation to accelerate the semiconductor industry and AI in order to go global. The programme aims to create an intellectual playground, bringing together resources for collaboration, generating breakthrough ideas, leveraging the potential, and seizing the opportunities of the semiconductor and AI industries.

The initiative will assist businesses in achieving new successes, contributing to the sustainable development of the country. By seeking out and honouring solutions, the initiative will contribute to the overarching goal of raising awareness about the importance and value of the semiconductor and AI industries.

It will also recommend and connect Vietnamese enterprises with solutions that upgrade and improve business operations, enhance efficiency, and develop new products and services to increase the competitive advantage of Vietnamese businesses in the global market.

Deputy Minister of Planning and Investment Tran Duy Dong said, “VIC 2024 aligns closely with the context of the semiconductor industry playing an increasingly vital role in global economic competition, the rapid development of AI, and the government of Vietnam's strategic focus on high-tech industries. The scheme not only demonstrates the vision and strong support from the ministry in promoting these two potential sectors but also contributes to realising the strategic goals set forth by the government."

Rafael Frankel, director of Public Policy for Southeast Asia at Meta added, “We are proud to be a trusted partner for Vietnam. Last September, Prime Minister Pham Minh Chinh, Minister of Planning and Investment Nguyen Chi Dung, and other high-ranking officials visited our headquarters in Silicon Valley and experienced Meta’s latest technology and products. With the 2024 VIC, we are creating an intellectual playground to foster ideas, and leverage opportunities within the semiconductor and AI industries. This initiative will help foster Vietnam's dynamic tech sector to integrate into the global digital economy.”

Through seeking solutions to optimise the quality of the design, packaging, and testing phases in the semiconductor industry, as well as and finding AI-powered solutions that enhance business development and productivity, VIC 2024 seeks to cultivate collaborative thinking, attract essential resources, and establish a multilateral cooperation platform to propel Vietnamese businesses forward.

The initiative also aims to enhance their value and strengthen their position within the global value chain. By identifying and recognising exceptional solutions, the programme will promote awareness of the significance of the semiconductor and AI industries. Additionally, it will connect Vietnamese businesses, offering innovative solutions for operational upgrades, performance enhancement, and new product/service development – ultimately bolstering their competitive edge in the global market.

The programme comprises three tracks: established corporations, innovative small- and medium-sized enterprises; and innovators with groundbreaking ideas, both within Vietnam and internationally.

VIC 2024 will last until October 2024 with the following timeline:

• March-July: Information exchange sessions and advisory consultations for interested parties
• August 15: Deadline for submission of applications
• August: Preliminary selection round for application review
• September-October: Evaluation rounds and direct interviews
• October: VIC award ceremony

Individuals or entities with excellent solutions selected will have the opportunity to showcase their solutions and explore collaboration opportunities with corporations; receive investment commitments from ventures and leading domestic and international corporations; connect and join the NIC and Meta ecosystem; and receive support packages to enhance capabilities, facilitate trade, and other awards.

Since 2022, the programme has garnered significant attention and widespread outreach. In 2022-2023, it attracted over 750 applications for digital transformation solutions from various markets with vibrant innovative ecosystems such as the United States, South Korea, Singapore, and Hong Kong. It also pulled in the participation of 50 accompanying experts as well as 40 domestic and international partners.

The initiative has also mentioned in a White House press release, demonstrating its importance and necessity in seeking innovative solutions as well as driving development for Vietnam's economy.

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