The event will attract the participation of 80 Vietnamese and foreign athletes for the two-day and one-night race.
Climbers will begin and end at Tram Ton pass, at an altitude of 1,900m.
The tournament, organised by Vietnam Airlines, is part of a wider tourism programme co-organised by the northern provinces of Lao Cai, Yen Bai and Phu Tho.
All athletes aged 18-45 years are eligible to join the tourney.
Fansipan – considered the highest peak in Vietnam, Laos and Cambodia – has been dubbed the "Roof of Indochina".
During the climbing event, Sapa will host a number of cultural and sports activities.