Formula 1: Vietnam to host first ever grand prix in 2020
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".
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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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