Vietnamese athletes can get $1M for winning Olympic gold medal

The Vietnamese government has announced that an athlete who wins an Olympic gold medal will receive VND350 million ($13,800), VND220 million for a silver medal and VND140 million for a bronze. If a record is broken, an athlete will get an additional VND140 million.

The International Sports Strategy Foundation (ISF) announced a $1 million reward for a Vietnamese athlete who wins a gold medal at the Paris Olympics. Silver and bronze medalists will receive $500,000 and $200,000.

A strategic partner of ISF in South Korea will sponsor all prize money and has signed a cooperation agreement with the Vietnam Olympic Committee in February 2023.

National sports federations also promised rewards to Vietnamese athletes. The shooting federation has pledged awards of VND500 million, 300 million and 200 million for medal winners. The boxing federation also has the same reward level for gold and bronze medalists, while the silver medal winner will get VND350 million.

A company also pledged to reward athletes who win medals with TVs. Accordingly, the gold medal winner will be awarded a 115-inch TV that worth VND700 million. Silver and bronze medalists will receive TVs priced at VND110 million and VND50 million.

The 2024 Paris Olympics, to be held from July 26 to Aug 11, also witnesses the first time world sports federations giving out rewards to athletes. The World Athletics will reward $50,000 to gold medalists while the World Boxing Federation’s reward is twice as much.

The rewards combined are considered life-changing for athletes and that amount can even increase when there are additional bonuses for winning the medals.

However, chances for Vietnamese athletes to win medals at this Olympics are very slim. Hopes for medals are placed mainly on weightlifting, boxing and shooting.

16 Vietnamese athletes will attend the Paris Olympics, namely Nguyen Thi That (cycling), Nguyen Huy Hoang and Vo Thi My Tien (swimming), Tran Thi Nhi Yen (athletics), Trinh Thu Vinh and Le Thi Mong Tuyen (shooting) , Trinh Van Vinh (weightlifting), Nguyen Thi Huong (canoeing), Pham Thi Hue (rowing), Nguyen Thuy Linh and Le Duc Phat (badminton), Vo Thi Kim Anh and Ha Thi Linh (boxing), Le Quoc Phong and Do Thi Anh Nguyet (archery), and Hoang Thi Tinh (Judo).

At the 2020 Tokyo Olympics, Vietnam set the rewards for athletes winning gold, silver and bronze medals at at VND1.85 billion, 1.2 billion and 640 million, but no medal was won.

At the 2016 Rio Olympics, shooter Hoang Xuan Vinh won a gold medal in the 10m pistol event and a silver medal in the 50m pistol event. He received a reward of VND180 million from the government and additional bonuses from sponsors which raised the amount to nearly VND5 billion.

Vietnam has only four athletes who have won medals at the Olympics so far. Before Vinh, Tran Hieu Ngan won a silver medal in taekwondo at the 2000 Sydney Olympics, Hoang Anh Tuan won a silver in weightlifting at the 2008 Beijing Olympics and Tran Le Quoc Toan clinched silver at the 2012 London Olympics.