Vietnam to host F1 race: Hanoi's 2020 event kicks off 10-year dealSports | 8 Nov 2018
The first Hanoi Grand Prix will kick off a "long-term partnership," Formula 1 boss Chase Carey said, as he confirmed plans to expand motorsport's premier championship in Asia.
Vietnam announced last week it will stage the race in Hanoi from April 2020, becoming only the third Southeast Asian nation to host F1 after Malaysia and Singapore.
"We're very proud to be announcing this race," Carey said.
Carey said the decision to stage the race in Hanoi was part of F1's strategy to move into markets where it hopes to groom a new generation of fans - and boost revenues. "We plan for this to be a long-term agreement, and we intend for this to be a long-term partnership," Carey said. "The race is also an important part of our broader strategy to grow our sport in Asia, and clearly Vietnam is a driving force for the growth in Asia."
Hanoi municipal government chairman Nguyen Duc Chung said a 10-year contract for the day race had been signed with F1, with an opportunity to discuss extensions from year eight.
The 5.6-kilometer track will include existing roads and portions that have yet to be built, the Hanoi Municipal People's Committee said.
The race will be held near the national stadium, after authorities initially considered staging it by Hoan Kiem lake near Hanoi's chaotic Old Quarter. Those plans were scrapped because of high costs.
Vietnamese media said race rights alone - to be paid to Formula 1's owners Liberty Media, - could come with a US$60 million (HK$469.815 million) price tag. Organizers said VinGroup, the country's largest private company, had set up a subsidiary called Grand Prix Vietnam that will pay for the hosting fee.