Vietnam is rewarding Olympic medallists with prize money ©Getty Images

Athletes from Vietnam are to receive a prize fund of $1 million (£811,000/€918,000) if they win a gold medal at the Paris 2024 Olympic Games, with the nation looking to return to the medal table after failing to score a podium at Tokyo 2020.

Silver medallists at the Games next year are to receive $500,000 (£405,000/€459,000) and bronze medallists $200,000 (£162,000/€182,000).

This was announced at a ceremony held today in Hanoi by the Vietnam Olympic Committee (VOC) and the International Sports Strategy Foundation (ISF), where a Memorandum of Understanding was signed between the VOC and Asong Invest Sponsorship Programme, to provide the funding for the successful Olympians.

Dang Ha Viet, general director of the General Sports Administration of Vietnam under the Ministry of Sports and Tourism, continued his support of the ISF, adding it would create a "golden" chance for Vietnam to improve its sporting success on the international stage, according to Vietnam Plus.

Hoàng Xuân Vinh became Vietnam's first Olympic gold medallist at Rio 2016 ©Getty Images
Hoàng Xuân Vinh became Vietnam's first Olympic gold medallist at Rio 2016 ©Getty Images

International Olympic Committee vice-president Ng Ser Miang said he was confident Vietnam would succeed at the Games.

Vietnam won its first Olympic gold medal at Rio 2016 after Hoàng Xuân Vinh won the men's 10 metres air pistol in shooting, claiming a silver medal in the 50m pistol too.

A silver and bronze have been won in weightlifting, as well as a silver in taekwondo at Sydney 2000 - where Trần Hiếu Ngân gave the nation its first Olympic podium.