The Ministry of Planning and Investment, the National Innovation Center and US tech giant Meta Group announced the Vietnam Innovation Challenge (VIC) 2024 in Hanoi on March 18, aiming to seek innovative solutions from domestic and international organizations and individuals to develop Vietnam’s semiconductor industry.
Speaking at the press conference to announce the event, Deputy Minister of Planning and Investment Tran Duy Dong said Vietnam has risen as a potential factor in the semiconductor industry with its strategic location, developing digital infrastructure and a wealth of young and creative workforce.
Vietnam’s semiconductor industry is expected to grow more than 6 percent during in the 2022-2027 period, Dong quoted forecasts from the Southeast Asia Semiconductor Association (SEMI SEA).
According to Director of Public Policy for Southeast and South Asia at Meta Group Rafael Frankel, VIC 2024 will create a playground that helps promote initiatives and capitalize on all opportunities to improve Vietnam’s integration into the global technology sector.
Themed “Innovation to Accelerate the Semiconductor Industry and AI to Go Global”, the event aims to honor solutions that improve the quality of the semiconductor value chain’s design, packaging and testing phases, with priority given to AI applications, and those applying AI technology to support business building and development and improve productivity.
VIC 2024 is designed to promote collaborative thinking, attract resources, and establish a multilateral cooperation platform to create a launching pad for Vietnamese businesses to enhance value and elevate their position within the global value chain.
By seeking out and honoring solutions, the program will contribute to the overarching goal of raising awareness about the importance and value of the semiconductor and AI industries. It will recommend and connect Vietnamese enterprises with solutions that upgrade and improve business operations, enhance efficiency, and develop new products and services to increase their competitive edge in the global market.
The event, which runs until October this year, will provide a total prize pool of US$300,000 for chosen innovative solutions. The winners will also be given a privilege support package, including technical support to survey foreign markets, co-working space and laboratories, along with opportunities to expand markets and promote their brands.
