F1 race would rev up Vietnam’s development: PM

By Viet Tuan   November 8, 2018 | 03:57 pm GMT+7
F1 race would rev up Vietnam’s development: PM
A security guard walks past a Formula One car during an event in Hanoi, Vietnam, November 7, 2018. Photo by Reuters/Kham

Hanoi’s Formula 1 race in 2020 will contribute to Vietnam’s development, PM Nguyen Xuan Phuc said Wednesday.

Receiving Formula 1 CEO Chase Carey in Hanoi, Phuc said: "This is an important event, not just for Vietnam’s sport scene but also its culture and society."

Phuc affirmed that Hanoi and the Ministry of Culture, Sports and Tourism would spare no effort in making the event a success, which will prove Vietnam's capability in hosting large-scale international sports events.

Carey said at the press conference on Wednesday that he wants to organize the Hanoi race not as a single event but a series of events in which not just Hanoians but all Vietnamese people of all ages can enjoy.

"We've made it a goal and a priority for us to try and host Formula One races in what we believe are the most exciting and dynamic cities and countries around the world," he said, as cited by Reuters.

Carey said the event in Hanoi is "a great addition to the mix."

City officials had announced earlier this month that Vietnam would become the third Southeast Asian nation to host the racing franchise after Malaysia and Singapore.

The 7-day event would also include parades, showcasing race cars and other exhibitions.

The 5.565km long circuit for the race will be located near the My Dinh National Stadium, less than an hour west of Hanoi center.

Hanoi has already signed a 10-year contract to host the race, which could be extended after eight years.

The first race will be held in April 2020, with ticket prices to be announced in April 2019. Hanoi will earn revenues from ticket sales, advertisements, side events, merchandising and broadcasting rights, among others.

The event will be organized by Vietnam’s largest private conglomerate Vingroup.

The FIA Formula One World Championship, or Formula 1, is an international single-seater auto racing competition sanctioned by the International Automobile Federation (FIA). It has been one of the most popular forms of racing around the world since its inaugural season in 1950.

Each season of Formula 1 consists of a series of races held worldwide on purpose-built circuits as well as public roads. Out of the 21 races in this year's season, six will be hosted in Asia - Bahrain, China, Japan, Macau, Malaysia and Singapore.

Video courtesy of Formula One

 
 
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