{"id":191594,"date":"2019-03-20T13:12:13","date_gmt":"2019-03-20T10:12:13","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/sports\/?p=191594"},"modified":"2019-03-20T13:12:13","modified_gmt":"2019-03-20T10:12:13","slug":"new-f1-grand-prix-can-tap-into-vietnam-passion-for-racing-todt","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/sports\/2019\/03\/20\/new-f1-grand-prix-can-tap-into-vietnam-passion-for-racing-todt\/","title":{"rendered":"New F1 grand prix can tap into Vietnam ‘passion’ for racing: Todt"},"content":{"rendered":"
\"\"

FIA President Jean Todt (centre) attends the ground-breaking ceremony for the 2020 Vietnam Formula One Grand Prix in Hanoi \u00a9 AFP \/ Nhac NGUYEN<\/b><\/p><\/div>\n

HANOI, VIET NAM, Mar 20 – Formula One chief Jean Todt on Wednesday hailed next year’s inaugural Vietnamese Grand Prix in Hanoi as a great opportunity to open doors for people with “a passion” for motorsport in Southeast Asia.<\/strong><\/p>\n

The communist Vietnamese capital will get its first taste of the high-octane glitz and glamour of Formula One when it hosts its first grand prix from April next year as the sport bids to tap into new markets in the region.<\/p>\n

Todt said he hoped Vietnamese fans seeing the likes of five-time world champion Lewis Hamilton and Sebastian Vettel battling wheel-to-wheel on the streets of Hanoi would lead to an explosion of in interest in racing of all kinds in football-mad Vietnam.<\/p>\n

“It’s… fantastic for the development of the motorsport in Vietnam and in the region,” Todt, who president of motorsport’s world governing body the FIA, told reporters Wednesday at a groundbreaking ceremony for the new street circuit in Hanoi.<\/p>\n

“I really hope that soon here will also be facilities to host cart racing, drifting racing,” he added.<\/p>\n

Todt hopes the event will breed a new generation of Vietnamese drivers.<\/p>\n

“You have young people, talented with a passion for motorsports, that’s why I think it’s very important to involve very quickly a new category of motorsport,” he said.<\/p>\n

– Costly venture –<\/p>\n

The 5.6 kilometre (3.5 mile) street track will incorporate existing and yet-to-be-built roads in the My Dinh area of Hanoi near the national sports stadium, about 13 kilometres from the city centre.<\/p>\n

Organisers said they decided against holding the race in Hanoi’s historical Old Quarter because of logistical challenges and steep costs.<\/p>\n

Hanoi has bet big on the event’s popularity, signing a 10-year multi-million-dollar deal with Formula One last year reported in state media to be costing Vietnam $60 million per year.<\/p>\n

Vietnam said it will not dip into government coffers to pay for the event but instead has secured full financial backing from the country’s largest private conglomerate VinGroup.<\/p>\n

“F1 is always considered the king of all races… we have designed a challenging street circuit imprinted with Vietnamese identity and architecture,” VinGroup deputy chairman Nguyen Viet Quang said at the ceremony.<\/p>\n

Vietnam is hoping to emulate the popularity of Singapore’s glittering night race and fill a void in the region left after Malaysia pulled the plug on its long-standing race in 2017 for cost reasons.<\/p>\n

Malaysia’s government, who had bankrolled the event since its inception at Sepang in 1999, said they were no longer prepared to shell out $67 million a year.<\/p>\n

Hanoi will hope avoid the problems that dogged Formula One’s ventures into South Korea in 2010 and India in 2011.<\/p>\n

The first Korean Grand Prix was staged at the southern town of Yeongnam in 2010 under a deal supposed to last until 2016.<\/p>\n

But the annual event haemorrhaged money from the outset, with collated losses of around $170 million and the plug was pulled in 2013.<\/p>\n

The Indian Grand Prix at Greater Noida was doomed by the government failing to recognise it as a sport, which increased the tax bill for organisers already shelling out an estimated $50 million per race, and dwindling crowds turned off at the lack of a home-grown driver.<\/p>\n

It was run just three times, with Vettel winning on every occasion.<\/p>\n","protected":false},"excerpt":{"rendered":"

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