Nearly 87,000 USD to invest in rural youth start-ups hinh anh 1At the press conference launching the startup contest in Hanoi on June 15 (Photo: VNA)

Hanoi (VNA) – The national fund for employment’s loan assistance of 2 billion VND (86,784 USD) will be distributed among winners of an ongoing startup contest for rural youths this year, according to organisers.

The competition, launched by the Central Committee of the Ho Chi Minh Communist Youth Union (HCYU) in Hanoi on June 15, consists of three rounds.

Eligible candidates are young people aged from 18 to 35 who have ideas to set up their agricultural businesses in crop cultivation, animal husbandry, fishery, forestry, salt making, processing and preservation industry, and agro-tourism, among others.

In the first round, participants submit their ideas to the HCYU’s rural youth department at the address of No 62 Ba Trieu in Hanoi or the email address:

A total of 120 outstanding candidates will be selected for the second round where they will be trained to build a business project. All projects will have to be completed for submission prior to September 15.

The 30 most excellent projects will be chosen for the nationwide final round where the candidates have to present their ideas in front of the jury and investors.

The first prize winner will pocket 50 million VND, while two second prize winners will receive 30 million VND each. There are three third prizes worth 15 million VND each and three consolation prizes worth 10 million VND each.

The rural youth department had organised similar contests in 2018 and 2019, attracting 404 ideas in total. From these events, 20 candidates had been supported to access loans amounting to over 4 billion VND from the national fund on employment, while 62 others have a chance to join business classes worth 830 million VND./.