Vingroup named as exclusive sponsor of F1 race in Hanoi

The conference garnered great attention

The organisation board has announced at the press conference that the F1 race will be hosted in Hanoi’s My Dinh sports complex in South Tu Liem district, on a race track of 5,565 metres, designed by German group Tilke and will be set up on the main urban streets around My Dinh Stadium. The Grand Prix weekend will last for four days.

As the first new race to be announced under Liberty Media’s ownership, the Vietnamese Grand Prix represents the Formula 1 firm’s commitment to the Asian region, where races are already established in Singapore, China, and Japan. It also forms part of Formula 1’s long-term strategy to broaden the appeal of the sport and to reach new audiences around the globe.

“Since we became involved in this sport in 2017, we have been talking about developing new destinations to broaden the appeal of Formula 1 and the Vietnamese Grand Prix is the realisation of this ambition. We are thrilled to be here in Hanoi, one of the most exciting cities in the world right now with such a rich history and an incredible future ahead. This is the perfect formula for Grand Prix racing and I look forward to this becoming a real highlight of the F1 calendar,” cited Chase Carey, chairman and chief executive of Formula 1, joining Hanoi’s leadership and Vingroup’s representatives at the conference.

Vingroup, the exclusive sponsor of the F1 race in Vietnam, has signed a multi-year deal to host the Grand Prix, with extensions available from the 8^th year. All expenses to host the racing event will be paid to Formula 1 by the Vietnamese Grand Prix, established on August 21, 2018 with the charter capital of VND1 trillion ($42.9 million) by Vingroup’s subsidiary VinFast Manufacturing and Trading Company Limited.

The F1 race is expected to widely promote the image of the Vietnamese capital, greatly boosting tourism as well as making contributions to new jobs for locals participating in the supply chain for the race and promoting international tourism.

“It 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 tourists to the country. It provides an opportunity for incoming investment and brings the exciting wheel to wheel racing of Formula 1 to the people of Vietnam,” Nguyen Duc Chung, Chairman of the Hanoi People’s Committee, said.