The solutions focus on improving SMEs’ governance capacity through digital transformation, applying digital transformation to support SMEs to participate in the global value chain, strengthening links between FDI, corporations and domestic SMEs through digital platforms, and reinforcing connectivity and the effectiveness of policy dialogue between the government and businesses.

The best solutions will receive prizes worth up to 300,000 USD plus comprehensive support packages for capacity building, product research and development, workspace, solution promotion, and market expansion.

More particularly, the winners will participate in a series of activities to introduce and pilot their solutions and products in major cities and provinces across Vietnam.

The 758 solutions include a number from countries and territories famous for dynamic and developed innovation ecosystems such as Singapore, South Korea, the US, Hong Kong (China), and the Philippines.

The 12 most innovative solutions will be named and the 4 best solutions will be honored at the Inauguration Ceremony of the National Innovation Center at Hoa Lac Hi-Tech Park and the Exhibition Vietnam Innovation International (VIIE 2023) in late October.

Vietnam Innovation Challenge is an annual program to realize the vision of the Vietnam Innovation Initiative (InnovateVN)  initiated by the Ministry of Planning and Investment and organized by the National Innovation Centre in collaboration with Meta Corporation and other tech firms inside and outside Vietnam to seek innovative solutions to solve national challenges towards a sustainable Vietnam.