Co-organised by Touchstone Partners and the Temasek Foundation, this innovation challenge is in partnership with the Ho Chi Minh City Institute for Development Studies (HIDS) and supported by a global network of innovation partners.

In 2025, participating teams will compete for a total prize pool of VND15 billion ($573,942) in non-dilutive cash grants awarded to the three winning pilot solutions. Additional investment and in-kind support will be provided by the challenge's partners, totalling over VND6 billion ($229,576) in additional prizes.

This year's competition is supported by leading corporates and venture capital firms with a focus on climate and deep-tech innovation. Strategic partner GS Engineering & Construction joins the challenge for the first time. Key investor partners include Touchstone Partners as well as Investible, an early-stage venture capital firm headquartered in Australia with a strong presence across Southeast Asia, and AiViet Ventures, a Vietnam-focused VC firm backing high-impact tech-based startups. Amazon Web Services is also a knowledge partner of the challenge, providing in-kind support for the startups.

The Net Zero Challenge serves as an annual global platform innovator that bridges high-potential climates with investors, corporations, and public sector leaders. Beyond the catalytic funding, the initiative offers winning teams the opportunity to test and validate their technologies through pilot projects in Vietnam, laying the foundation for long-term commercialisation and regional scalability.

The mission of Net Zero Challenge aims to address the funding gap in climate solutions and foster collaboration in Vietnam. In partnership with the Temasek Foundation, Touchstone Partners will also provide local mentorship and strategic partnerships to startups on top of the investment prizes. Besides the co-organisers, the judging panel will include local corporates supporting sustainability goals as well as regional venture capital funds.

Tu Ngo, general partner of Touchstone Partners, shared, “Investing in early-stage climate technology solutions often presents considerable opportunities for impact. Given the long development timelines and uncertain commercialisation pathways, to accelerate climate innovation, Touchstone Partners, in partnership with Temasek Foundation, has adopted a grant-based approach to support founders in piloting their innovations without the immediate pressure of traditional venture capital.”

"Tackling the climate crisis requires bold action, and it starts with backing innovative solutions at an early stage. Through the Net Zero Challenge, we hope to deepen partnerships and collaboration across sectors and geographies, and enable promised solutions to scale and deliver meaningful impact, particularly where the need is most urgent, on the ground. This is pivotal in building a climate-resilient future, collectively," said Heng Li Lang, head of climate and liveability at the Temasek Foundation.

To be eligible for the challenge, teams must develop a minimally viable product and have obtained proof of value with the intention of commercialisation. The teams can be startups, research teams, corporate projects, and non-profits that are ready for a large-scale pilot that can pave the way for scalability. International teams that have commercialised their solutions elsewhere but want to develop a strategic partnership in Vietnam are also welcome to apply.

Inaugurated in August 2023, Net Zero Challenge has been a driving force in enabling global climate-tech solutions to pilot in Vietnam. In 2024, the competition received 500 applications across 55 countries and awarded three winners. Canada's CO2L Tech develops cost-competitive CO₂ capture and utilisation to produce valuable chemicals with up to 90 per cent less carbon footprint.

Meanwhile, Australia's Bygen creates biodegradable antimicrobial coating and packaging made from upcycled food waste to reduce post-harvest loss by at least 20 per cent. Singapore's N&E Innovations produces sustainable activated carbon from agriwaste at a 60 per cent lower production cost.