The organiser of Vietnam's first Formula One grand prix has decided to officially cancel the race due to the Covid-19 pandemic.

Contrary to real estate investors and businesses’ expectations, one year after the Formula 1 race track kicked off, the real estate market in Hanoi remains at a standstill.

International tourist arrivals to Vietnam this month have dropped 68.1% against the same period last year due to the coronavirus, which causes a disease called Covid-19, according to the General Statistics Office.

The plan to advertise Vietnam’s tourism with the F1 race as the focus has failed as the organisers have decided to postpone the event amid the coronavirus outbreak.

The Formula One VinFast Vietnam Grand Prix 2020 will be put on hold due to the complicated developments of the COVID-19 outbreak, announced organisers on March 13.

The 2020 F1 race, to be organized for the first time in Vietnam this April, will be the highlight of the tourism promotion campaign amid the coronavirus outbreak.

Travel firms complain that they cannot take full advantage of F1 race to sell tours because of the lack of hotel rooms in Hanoi.

Formula One has released its schedule for 2020, with the first ever Vietnam Grand Prix set to be the third among 22 races of the year, an unprecedented number of yearly races in the event’s history.

These are the first images of what the new Formula One racetrack will look like at My Dinh.