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Vietnam Plans Formula One Race in Hanoi
Vietnam plans to host a Formula One race in 2020 in Hanoi as the government steps up efforts to boost tourism to be a major economic driver.
The April 2020 event will be a 5.565-kilometer street circuit, according to a statement issued by Formula One and sent by Vingroup. Vingroup JSC signed a multi-year deal to host the Grand Prix, said the statement.
Vingroup is forming a new unit, Vietnam Grand Prix Co. with registered capital of 1 trillion dong ($42.9 million), to host the event, Tri Thuc Tre news website reported, citing information from the Hanoi People’s Committee. The unit will be a subsidiary of Vingroup’s auto manufacturing group, VinFast, the news website said.
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