Experts and speakers at the launch of the contest. (Photo: doanhnghiepvn.vn)

The contest is being jointly held by the Youth Union of the Ministry of Science and Technology (MOST) and the Ministry of Agriculture and Rural Development, and the Patent and Innovation Enterprise Village.

The contest is open to all Vietnamese citizens both at home and abroad, who have come up with creative new ideas that can promote innovation in socio-economic development.

Competing teams will present their ideas on issues in such fields as manufacturing, agriculture, education, tourism, services, healthcare, finance, media, culture, arts and the creative industry.

According to Pham Hong Quat at the MOST, the contest is an opportunity for young people who want to start their own businesses and for investors to approach potential business ideas.

After the preliminary round, the shortlisted teams will enter the final round with one first prize, two second prizes and three third prizes up for grab.

Besides certificates, winning teams will receive training courses on intellectual property management for startups, digital transformation and blockchain application in tracing the origin of agricultural products, and digital marketing.

They also have the chance to attract investment from startup support funds.

The deadline for entry submission is September 25, 2022.