Vietnam to host F1 grand prix in Hanoi street race from 2020
09 November, 2018, 15:02 | Author: Heidi Alvarez
A Liberty statement said "the Vietnamese Grand Prix represents Formula 1's firm commitment to the Asia region where races are already well established in Singapore, China and Japan".
"We're very proud to be announcing this race in 2020", Carey told reporters in Hanoi as details of the event were unveiled. "This is the flawless formula for grand-prix, racing and I look forward to this becoming a real highlight of the F1 calendar".
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The Hanoi race will be run on a 5.565-km layout in the west of the city, adding another street race to the existing ones in Monaco, Singapore, Azerbaijan and Melbourne's Albert Park in Australia.
Hanoi's appeal to F1 fans likely won't just be down to its track-which could rapidly become a fan favorite like Baku-but also because of the city's sights, culture, and history.
It will be the first time that the nation of Vietnam ever hosts an F1 race, and is a moment of pride for Vietnam and indeed the rest of Asia.
Formula One would not disclose the race fees, which will be paid in full by VinGroup, but Vietnamese press put the number at $60 million per year. "It provides an opportunity for inward investment to Vietnam and importantly to bring the exciting wheel-to-wheel racing of Formula One to the people of Vietnam", he said.
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The street race will be staged from 2020 onwards, and it becomes the first new addition to the calendar in the post-Bernie Ecclestone era.
But the race's popularity began to wane, and coupled with rising costs the country decided the event no longer made financial sense.
Vietnam's largest conglomerate, Vingroup, has signed a "multiyear deal" to host the event, the release read. It has been designed by Tilke - bear with us - and so takes its inspiration from other circuits, but will also be semi permanent, using both existing and objective built roads.
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The team has "worked to enable a circuit that will not only test the drivers, but also ensure that our fans enjoy the racing spectacle", Carey, the F1 chairman, said.
Vietnamese officials see the race as an opportunity to boost both domestic and global tourism, while Vingroup sees it as a chance to tell the world about its own car-manufacturing ambitions.
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