Hanoi proposed hosting Formula One race, one of the most watched sports in the world, at the My Dinh National Sport Complex as an alternative for the area around Hoan Kiem Lake, the government portal reported.
Illustrative photo.
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"Hanoi had suggested hosting the event around Hoan Kiem Lake and the surrounding areas. However, the option was not feasible with huge costs. The location was then changed to the My Dinh National Sport Complex, which already have qualified infrastructures with small modification required," Dung said.
According to Dung, many countries in the world have organized the event successfully, while the public also gave its support to bring the famous sport event to Hanoi.
The Formula One race will be an opportunity to attract foreign tourists and promote the image of Hanoi and Vietnam. However, as Vietnam is in the negotiation process, more details on the event will be reviewed later, Dung continued.
Notably, Prime Minister Nguyen Xuan Phuc requested Hanoi to socialize the cost of hosting the race, that means raising funds from sponsors.
In the mid of 2017, Hanoi's leaders for the first time mentioned that the city was negotiating to host the world famous sport event.
A year later, Hanoi sought support from the out-going UK Ambassador to Vietnam Giles Lever in negotiating with F1 London in a bid to host the Formula One race in Vietnam at the earliest possible date.
Sport Business on April 27 reported that Formula One was in talks with the Vietnamese government to add a new street race in Hanoi. Vietnam's addition to the calendar will bolster the sport's position on the continent after Malaysia staged its final grand prix last season, it said.
According to Reuters, Formula One CEO Chase Carey expressed his excitement at the prospect of a new Grand Prix in Hanoi.
"Vietnam is a very exciting country," he added. "A country that has caught the world's imagination and, in many ways, that is where we want to be."
Formula One 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 respective governments of the countries where the race was hosted, paying the fee of US$50-60 million annually.
