Vietnam to host Formula One race from 2020

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Formula 1: Vietnam to host first ever grand prix in 2020

Formula One has reached a deal to stage a race on the streets of Vietnam's capital city. However, plans to add a Miami street race in 2019 fell flat earlier this year and have since been postponed indefinitely, while the majority of teams are against expanding the calendar beyond 21 grands prix. Vietnam's concept of what grand prix racing should be about matches our vision for the sport. The unit will be a subsidiary of Vingroup's auto manufacturing group, VinFast, the news website said.

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Silverstone's hand has been strengthened by several public statements from F1's bosses promising they would preserve "heritage races", but Bratches has now revealed that the sport is not afraid of replacing some of its most iconic venues. Tourists are forecast to increase 30 percent to as many as 16 million in 2018, and the industry is expected to account for 8 percent of gross domestic product this year and 10 percent by 2020.

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The inaugural race will be staged in April 2020 on a 5.565km circuit, with the organisers signing a multi-year deal to become the fourth East Asian country on the calendar with Singapore, China and Japan.

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It is the first new confirmed event unveiled by Liberty Media since its takeover of Formula 1 in early 2017, though it previously released proposals to race in Miami, which are now on hold. Malaysia, though, made a decision to stop hosting the race because attendance has dropped and it wasn't recouping costs. "It provides an opportunity for inward investment to Vietnam and importantly to bring the exciting wheel to wheel racing of Formula 1 to the people of Vietnam".

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