Vietnam a potential candidate to host F1 race in 2024, according to a report by GrandPrix. The F1 Group CEO, Stefano Domenicali, recently met with leaders in Hanoi to discuss the possibility of organizing the race next year, alongside South Africa.
GrandPrix evaluates both countries as “good candidates” for hosting the tournament, which could increase the number of races to 25 in 2024.
Domenicali, accompanied by Luis Garcia Abad, former manager of driver Fernando Alonso, is promoting F1 worldwide. The two also met with leaders in Australia following their visit to Vietnam.
A view of the Hanoi F1 circuit (Photo: VNA)
Although the Hanoi People’s Committee has yet to confirm the race, most of the infrastructure for organizing the event has been dismantled. Vietnam reached an agreement to host F1 in Hanoi for 10 years, from 2020 to 2029. The permanent part of the track, including the pit house and grandstand, was built and installed before the start of the season, but the race was postponed indefinitely due to the Covid-19 outbreak.
The design of the three-storey pit building has been heavily influenced by the city’s historic buildings, to reflect Vietnam’s “strong cultural legacy” (Photo: VNA)
Forbes estimates the cost of organizing and maintaining an F1 race track annually can exceed $100 million. Malaysia hosted F1 from 1999 to 2017 but stopped due to funding problems. Singapore is the only Southeast Asian country hosting F1 in the 2023 season, on September 17.
South Africa, which last hosted F1 31 years ago, plans to hold the race at the Kyalami circuit near Johannesburg. The country’s leader has reportedly agreed to pay $50 million to organize the event in 2024, with a total cost that could reach $250 million.