Published: Fri, November 09, 2018
Sport | By

Vietnam to host Formula One race from 2020

Vietnam to host Formula One race from 2020

Vietnam is the first race contract negotiated by Liberty media since the USA -based company took over Formula One's commercial rights in January 2017 and ousted long-reigning supremo Bernie Ecclestone.

"Hosting Formula 1 races in Hanoi will open us many opportunities for business, tourist development (and) advertise the image of Vietnam and image of Hanoi to the world", Chung said.

To celebrate the launch of the race, Formula 1's Chairman and Chief Executive, Chase Carey joins the City of Hanoi leadership and Vingroup promoter as part of a grand ceremony this evening at the Hanoi Citadel, one of the city's most iconic landmarks. Two Grand Prix races remain to be decided this season and they are Brazilian GP on November 11 and Abu- Dhabi Grand Prix on November 25.

The British Grand Prix has been ever-present on the Formula 1 calendar, with Silverstone the permanent home since 1987, having also held the inaugural World Championship event in 1950.

"An essential part of this collaboration has been making sure that we not only showcase the city of Hanoi but also deliver an exciting race for Formula 1 fans in Vietnam and around the world".

"We are really looking forward to seeing Formula 1 cars speeding around the streets of this fantastic city from 2020".

The South-East Asian country is a growing market for sponsors such as brewer Heineken and will give the region four races on the calendar again after the departure of Malaysia a year ago.

Vingroup is forming a new unit, Vietnam Grand Prix Co. with registered capital of 1 trillion dong ($42.9 million), to host the event, Tri Thuc Tre news website reported, citing information from the Hanoi People's Committee.

With a street circuit in London long floated as the potential home of F1 in England, Bratches has confirmed it's an option that remains very much on the cards.

The new race will be promoted by Vingroup, a conglomerate controlled by property developer, and Vietnam's first billionaire, Pham Nhat Vuong.

Talks to hold a street race in the city have taken place since the start of the year, with the event gaining local and government support in recent weeks, paving the way for a multi-year deal to be agreed.

VinFast, a unit of Vingroup, is set to become Vietnam's first fully-fledged domestic auto manufacturer when its first production models built under its own badge hit the streets next August.

Like this: