Sunday, 18 November, 2018

Vietnam to host Formula One race from 2020

Track Edit- HD- ENG Formula 1: Vietnam to host first ever grand prix in 2020
Andrew Wong | 09 November, 2018, 15:01

The fast-growing, communist country will be only the third Southeast Asian nation to host an F1 race as the glitzy franchise seeks to tap new regional markets after an $8 billion takeover by USA firm Liberty Media a year ago.

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

"We want to preserve the heritage races, they are very important to Formula 1 and they are very important to fans", said Bratches. "The city of Hanoi I think is increasingly one that's capturing the world's imagination", he said.

"The Vietnamese Grand Prix is a realisation of that ambition".

The reproduction of the story/photograph in any form will be liable for legal action.

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A 5.556-kilometer circuit will be constructed near the national stadium using a combination of existing infrastructure and roads to be built in a new residential area on the edge of the city center.

According to Formula 1, the new track takes inspiration from other circuits now in use around the world.

The race in Vietnam will join other stops in the Asia-Pacific region that include Japan, China, Singapore, and Australia.

US-based corporation Media Liberty announced in January 2017 that it had closed a deal on the purchase of Formula One racing and appointed Chase Carey to take the helm of the world's most prestigious auto racing competition, often dubbed as the Royal Racing, in the capacity of Formula One executive director and general promoter.

While there are just two of this year's record-equalling 21 races left, yesterday's announcement, coupled with a potential Miami race in 2020, could see that tally increase to 23, despite resistance from some teams.

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But the race's popularity began to wane, and coupled with rising costs the country decided the event no longer made financial sense.

Chung said the GP would be funded by private enterprise headed by Vingroup, the country's largest private conglomerate.

Carey added that work had been done to "enable a circuit that will not only test the drivers but also ensure that our fans enjoy the racing spectacle".

To illustrate the layout of the track, Formula 1 has mocked up the intro to the race in a similar fashion it expects will occur in April 2020.

Vietnamese officials see the race as an opportunity to boost both domestic and worldwide tourism, while Vingroup sees it as a chance to tell the world about its own car-manufacturing ambitions.

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