Vietnam is dangling a whopping $1 million for every gold medal won in the 2024 Paris Olympics.

The agreement was formally announced by the Vietnam Olympic Committee a few days ago and is expected to boost chances of winning during the 26 July to 11 August Games.

Also, a silver medal is worth $500,000 and a bronze $200,000.

Previously, an Olympic gold had a cash prize of just $79,000 but Vietnam went home empty-handed from Tokyo.

So far, Vietnam has won just one Olympic gold, courtesy Hoang Xuan Vinh of shooting during the 2016 Rio de Janeiro Olympics.

In contrast, the Philippines' own reward scheme pales in comparison with that of Vietnam's.

Under Philippine laws, an Olympic gold has a corresponding reward of P10 million ($184,000).

Weightlifter Hidilyn Diaz became the first Olympic gold medalist and she received P10 million from the government after her Tokyo triumph.

The private sector also contributed heavily and Diaz wound up getting more than P50 million plus a condominium unit in a posh area in Quezon City as well as a brand-new car.

Aside from Diaz's gold, three boxers also chipped in to the best Olympic haul of the Philippines with Carlo Paalam and Nesthy Petecio bagging silvers and Eumir Marcial taking a bronze.

The silver was worth P5-million each and the bronze P2-million.