"One of the things we have been intensely focused on is extending grand prix racing to iconic cities, in downtown areas, where we can best engage fans". The race has been held at Brands Hatch and other venues.
Vingroup is forming a new unit, Vietnam Grand Prix Co. with registered capital of US$42.9 million, to host the event, Tri Thuc Tre news website reported, citing information from the Hanoi People's Committee.
The capital city of Vietnam, Hanoi will host the first ever Vietnam Grand Prix event as F1 is set to expand its calendar with the addition of Miami, who are set for a 2020 debut date.More news: CVS Health tops 3Q earnings forecasts, backs 2018 outlook | AP business
US-based corporation Media Liberty announced in January 2017 that it had closed a deal on the purchase of Formula One racing and appointed Chase Carey to take the helm of the world's most prestigious auto racing competition, often dubbed as the Royal Racing, in the capacity of Formula One executive director and general promoter. Beyond that we are looking to identify further street races, so this race (in Vietnam) is a further step in terms of our vision.
When asked whether events in Britain or Italy could be moved to different locations, Bratches replied: "We're a 68-year-old entity and the nature of grand prix racing is that it is dynamic".
Singapore has hosted a Formula One night race since 2008.
Vu said he was proud Vietnam had been chosen to host such a major global sporting event, but was also concerned about the cost.More news: Philippine court finds Imelda Marcos guilty of graft
Ecclestone told Reuters past year that he had talks with the Vietnamese about a race while he was in charge but had decided, despite the money on offer, against it because he felt there were enough in that part of the world already.
"We are excited to see that our work with Formula 1 to secure this deal has finally come to fruition", added Nguyen Viet Quang, Vice Chairman and CEO, Vingroup.
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.
With all that in mind, Formula 1 promises slow-speed hairpin turns, high-speed esses and flat-out corners, and a very long, 1.5 km (0.9 miles) stretch of straight road, on which drivers and cars are expected to reach speeds of 335 km/h (208 mph).More news: Bourke Street stabbing: One dead, man arrested in Melbourne