Deputy Minister of Planning and Investment Trần Duy Đông (centre) speaks at the event. — Photo courtesy of NIC

HÀ NỘI — The Ministry of Planning and Investment on Monday announced the launch of the Vietnam Innovation Challenge 2024 with a focus on expediting the growth of Việt Nam's semiconductor and artificial intelligence (AI) sectors.

With the theme "Innovation to accelerate the semiconductor industry and artificial intelligence 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 artificial intelligence industries.

Speaking at the event, Deputy Minister of Planning and Investment Trần Duy Đông emphasised the pivotal role of the semiconductor industry amid global economic competition and the strategic importance of AI in Việt Nam's development agenda. He reiterated the government's unwavering support for high-tech industries, aligning with the objectives of the VIC programme.

“The programme not only reflects the vision and robust support of the Ministry of Planning and Investment in advancing these two promising sectors, but also actively contributes to achieving the strategic objectives outlined by the Government,” Đông said.

Việt Nam, with its strategic location, expanding digital infrastructure, highly skilled workforce and abundant young talent brimming with creativity, is rapidly emerging as a key player in the semiconductor industry, poised for immense growth in the coming years. Projections from the SEMI Southeast Asia indicate that Việt Nam's semiconductor market is set to expand by over 6 per cent between 2022 and 2027.

Rafael Frankel, Director of Public Policy for Southeast Asia at Meta Corporation, expressed pride in the partnership with Việt Nam and highlighted the programme's role in nurturing innovation and integration into the global digital economy.

“We are creating an intellectual playground. It fosters ideas, and leverages opportunities within the semiconductor and AI industries. This initiative will help Việt Nam’s dynamic tech sector integrate into the global digital economy,” Rafael said.

With its two primary pillars focusing on optimising semiconductor processes and harnessing AI solutions for business development, the Vietnam Innovation Challenge 2024 seeks to foster collaboration, attract essential resources, and establish a multilateral cooperation platform. Through this, Vietnamese businesses are poised to enhance their value proposition and fortify their position within the global value chain.

Structured into three tracks catering to established corporations, innovative SMEs, and individual innovators, the programme invites participation from a diverse spectrum of entities. Spanning from March to October 2024, the timeline encompasses information exchange sessions, application submissions and evaluation rounds, and culminates in the prestigious Vietnam Innovation Award Ceremony.

The total prize for winners reaches up to US$300,000.

The Vietnam Innovation Challenge is a pioneering initiative, born out of InnovateVN's vision, and orchestrated by the Ministry of Planning and Investment in conjunction with the National Innovation Centre (NIC) and Meta Corporation.

Last year’s programme garnered significant attention and widespread outreach with 758 applications for digital transformation solutions from various countries with vibrant innovative ecosystems such as the United States, South Korea, Singapore and Hong Kong (China). The programme was also mentioned in a White House press release, demonstrating its importance and the necessity in seeking innovative solutions as well as driving development for Việt Nam's economy. — VNS