The Vietnam Business Innovation Challenge 2024 (VBIC 2024), hosted by The Olympia Schools and Fulbright University Vietnam, with the consultancy from IEG Foundation, saw remarkable participation from students across Vietnam and beyond. The competition, designed to foster entrepreneurial spirit and innovative thinking, involved over 260 teams with more than 780 contestants from various countries, including Australia, the U.S., Qatar, Hong Kong, and Germany.
In this business case competition, students tackled real-world business problems, proposing innovative solutions. Following two rigorous rounds of document selection and online presentations, 13 teams made it to the final round held on April 7.
After 2 intense selection rounds with difficult real-life business problems, 13 excellent teams were officially named to the Final round. In the final round, each team received actual data from Land Rover Vietnam (an off-road vehicle brand), then were challenged to come up with strategies and directions to help businesses do business effectively.
The Pioneer team from Olympia High School in Hanoi, consisting of ninth-graders Phan Lan Anh, Pham Ha Vy, and Dao Hoang Nguyen, won the first prize. Their project involved collaborating with factories in China and India to optimize production costs and planning to build an assembly plant in Vietnam to further reduce import costs. The objective of their plan successfully demonstrated their keen understanding of global manufacturing dynamics and local economic benefits.
The NSA team from British International School HCMC, including tenth-graders, secured the second place with a project that also focused on establishing an assembly factory in Vietnam. The second runner-up was awarded to MBB Quitters, a team including a ninth-grader from Ngee Ann Secondary School in Singapore and two Vietnamese students, who presented a compelling business model addressing contemporary market needs.
VBIC 2024 provided a platform for students to showcase their innovative ideas and emphasized the importance of practical business skills and strategic thinking. The competition highlighted the role of education in nurturing entrepreneurial mindsets among young learners, preparing them for future challenges in the global market.
The outstanding performance of these young entrepreneurs underscores the potential of students in Vietnam and beyond to contribute to business and innovation. As they continue to develop their skills and ideas, they set a promising example for future generations, reinforcing Vietnam's growing reputation as a hub for business innovation.
For further details on the competition and the participants' achievements, visit the Saigon Times, Hoa Hoc Tro, and Baodautu.
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