Conglomerate VinGroup on December 20 launched the first Vietnamese-initiated international science-technology award named VinFuture Prize, which is among the annual awards with the highest prize money pool of the world.

The announcement was made on International Human Solidarity Day - December 20.

The award encourages the creation of positive changes in the daily lives of millions of people on the Earth via bolstering scientific research and technological innovation.

VinFuture Prize honours outstanding intellectuals regardless of their nationalities, genders and ages, whose research studies and inventions help address global challenges such as raising quality of health and life, poverty eradication, elimination of famine, and access to advanced education and clean water.

It comprises VinFuture Grand Prize and three special prizes totalling VND104.5 billion (US$4.5 million).

The US$3 million VinFuture Grand Prize is one of the most impressive awards in the field of science-technology worldwide.

The three special prizes worth VND11.5 billion (US$500,000) each will be presented to those of developing countries, pioneers in new fields and female researchers or scientists, which is the largest cash prize for them so far.

The jury includes prestigious scientists and inventors across the globe, notably Prof. Gérard Mourou, who was awarded a Nobel Prize in Physics in 2018, and Sir Richard Henry Friend - a Cavendish Professor of Physics at the University of Cambridge.

Founders have committed an initial sum of VND2 trillion to ensure the long-term operation of the award, which is managed by the VinFuture Fund, an independent non-profit organisation.

Nomination for the first year of the award will begin in January until June.

Winners will be announced next December and an awards ceremony is slated for January 2022.