The IoT Startup 2019 competition was launched at the Sai Gon Hi-Tech Park (SHTP) in HCM City on Sunday, with competitors asked to deal with challenges facing many major technology firms.

The competition aims encourage the spirit of innovation in the field of the Internet of Things (IoT) among young people and the start-up community in Viet Nam. It will also support the incubation of IoT firms.

Through the competition, young innovators can learn about areas of market demand for technology and connect with local and foreign enterprise associations.

According to Le Bich Loan, acting president of SHTP, the format of the competition has been changed from previous editions. Several big companies such as Intel, Here.com, Dien Quang, Lap Thanh and Acis have set up challenges for competing start-ups based on their own development demand.

Besides prizes totalling more than VND500 million (US$21,380), winning start-ups will receive support as they develop their projects and sign contracts with enterprises.

First held in 2016, the IoT Startup competition has attracted more than 240 projects so far. Following their participation in the event, many start-ups have managed to secure investments. — VNS