Formula 1 race expected to contribute to Vietnam's economic development
Updated at Thursday, 08 Nov 2018, 09:51
The Hanoitimes - Hanoi gathers the best conditions to hold such a world class sporting event.
The Formula 1 race not only holds a significant meaning to Vietnam’s sport sector, but also the cultural and social sides, contributing to the country’s development, according to Prime Minister Nguyen Xuan Phuc.
Vietnam will provides supports to ensure the success of the event, Phuc said in a meeting with Chase Carey, chairman and chief executive of Formula 1 Group, on November 7.
Prime Minister Nguyen Xuan Phuc and Chase Carey, chairman and chief executive of Formula 1. Source: VGP.
This would demonstrate Vietnam’s ability in hosting world class events in the future, the Vietnamese prime minister added.
According to Carey, as Formula 1 searched for new location, they identified that Hanoi gathers the best conditions to hold such sporting event, such as its dynamism, young population and qualified infrastructure.
Formula 1 race is an event of global scale, requiring huge effort from the host country, said Carey, adding that he expected efficient cooperation from the Vietnamese side to breath fresh air into the race.
Formula 1 hoped the race would be a series of events, for which Vietnamese people from all the walks of life could participate in, Carey stressed.
On the same day, Hanoi held a press meeting announcing that the city would host Formula 1 Grand Prix from 2020. The deal was signed between Vingroup, the promoter of the race, and US group Liberty Media, the F1’s owner, agreed a 10-year deal, which could be extended in the 8th year.
Nguyen Duc Chung, chairman of the Hanoi People’s Committee, said Hanoi is proud to host the Formula 1 Vietnamese Grand Prix, which will be an opportunity to showcase the city of Hanoi to the world with its special combination of ancient and modern beauty.
To Van Dong, director of the municipal Department of Culture and Sports, said the proposed Hanoi track, which features 22 turns over its 5.565km length, will become F1's fourth street race, along with Monaco, Singapore and Baku of Azerbaijan.
The circuit layout, created in collaboration with ubiquitous F1 designer Hermann Tilke, also features long straights, one of which is 1.5km in length and should see cars reaching speeds of around 335km/h, Dong added.
Formula 1 posted yearly revenue of US$1.8 billion, mainly thanks to broadcasting rights, advertisement and sponsor. Currently, 19 of the 21 races are funded by governments of the countries where the race is hosted, paying the fee of US$50-60 million annually.