The Formula 1 race will be held in Hanoi from April 2020, after 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, according to Nguyen Duc Chung, chairman of the Hanoi People’s Committee.
Illustrative photo.
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According to Chung, the event is a further demonstration of Vietnam’s ability, as one of the fastest growing economies in the world, to host events on a global scale and attract tourism to the country.
More importantly, it provides an opportunity for inward investment to Vietnam and importantly to bring the exciting wheel to wheel racing of Formula 1 to the people of Vietnam, Chung added.
Chasey Carey, chairman and chief executive of Fomurla 1, said Hanoi is one of the most exciting cities in the world right now with such a rich history and an incredible future.
Carey expected the racing in Hanoi to become a real highlight of the F1 calendar.
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 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 reach speeds of around 335km/h, Dong added.
Meanwhile, Nguyen Viet Quang, vice chairman and CEO of Vingroup, said by bringing this race to Vietnam, more jobs will be created and the infrastructure of Hanoi will be upgraded.
Other bigger worldwide events will be encouraged to take place in Vietnam, Quang added.
For Vingroup individually, through the F1 racing event, the group is going to proclaim the first Vietnamese car manufacturer, VinFast, to millions of audiences in the world, he concluded.
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.
