This year the contest is also open to international start-ups who are interested in the Vietnamese and Southeast Asian markets.

There will be two press briefings in Thailand and South Korea to introduce the competition and enhance communication about it through its partners in other countries to attract contestants.

Nguyen Thi Dieu Hang, deputy director of BSSC and head of the organisation board, said the expansion to include international entries would enable Vietnamese start-ups to exchange with and learn from them while at the same time raise Viet Nam's profile in the start-up world.

The competition will be divided into national and international categories, with the latter expected to attract start-ups from 10 countries and territories, including South Korea, Thailand, Singapore, Hong Kong, Japan, Malaysia and Australia.

The organisers expect to receive more than 1,500 start-up ideas and projects from Vietnamese and foreign entrepreneurs.

A qualifying round will pare the number to 100 for the semi-final in the national category and 50 in the international category.

The final round in August will see the top 15 projects compete.

In the domestic category there will be a first prize of VND200 million (US$8,617) for a company and another of VND150 million ($6,466) for an individual/team, one second prize of VND50 million, one third prize of VND20 million, and a prize of VND10 million for the most creative project.

In the international category the first prize will be $2,000.

The winners will also get a chance to get investment, sponsorship and consultation from experienced entrepreneurs, attend training courses in running start-up business and publicise their projects on the media.

First launched in 2013, the contest has attracted 3,979 start-up businesses and models over the years. — VNS