A press conference to announce “K-Startup Grand Challenge 2018” in Hanoi on May 24, 2018. (Photo: T.H/Vietnam+)

Sponsored by the Korean government, the program aims to build an open ecosystem to help startup businesses expand their markets in Asia using the Korean market as a buffer. This is the program’s third year.

“K-Startup Grand Challenge 2018” chose Vietnam as one of the venues for a regional qualifying round to select potential startups to compete in the final round in the Republic of Korea. The qualifying round is scheduled to take place in Hanoi and in HCMC from July 9 to July 12.

80 teams from the globe will receive 11,000 USD each to cover their expenses during a 3.5 month training period.

The top 40 teams will each receive 22,000 USD for a business establishment fee and operating expense for the first 6 months.

VINASA and KICC will organize qualifying rounds in 6 other nations and territories: Laos, Cambodia, Myanmar, the Philippines, and China’s Hong Kong and Taiwan.