Formula One CEO Chase Carey has expressed impression with the construction progress of Hanoi’s race track site in such a short time period, and expected preparation works would be completed as schedule.

Chairman of the Hanoi People's Committee Nguyen Duc Chung and F1 CEO Chase Carey inspect the construction site.

Carey made the statement on April 15 after inspecting the construction site of Hanoi’s upcoming F1 street race in 2020 with Chairman of the Hanoi People’s Committee Nguyen Duc Chung. This is his fourth visit to Vietnam over the last two years.

Carey highly regarded Hanoi’s vision when selecting the location for the street race, which is around Hanoi’s My Dinh stadium, about 13 kilometers from the city center. The CEO expected next year’s 5.56km-street circuit race in Hanoi will be uniquely exciting thanks to a street track that would make the event a global spectacle.

According to Carey, Hanoi’s race track is a combination of a city race and a track, which has been designed in a way that it could deliver special racing scenes for F1 fans from all over the world.

The F1 CEO said he is committed to supporting Hanoi organizing the race and promoting sports in Vietnam, while considering the race not only a sporting event but also an opportunity to promote the friendly and beautiful images of Hanoi and Vietnam.

Chairman of the Hanoi People’s Committee Nguyen Duc Chung expected the construction of the racetrack will fully comply with new standards of the International Automobile Federation (FIA).

Additionally, Hanoi is working with government agencies in waiving visa for racing fans from certain countries coming to Vietnam to watch the F1 race.

Last November, Hanoi announced that it would be the host of the F1 race from April 2020, after Vingroup, the promoter of the race, and US group Liberty Media, the F1’s owner, entered a 10-year deal, which could be extended in the eighth year.

Formula One posted yearly revenue of US$1.8 billion, mainly thanks to broadcasting rights, advertisement and sponsorship. Currently, 19 of the 21 races are funded by respective governments of the countries where the race is hosted, paying the fee of US$50-60 million annually.

Hanoitimes