|VinGroup is a huge conglomerate in Asia|
F1 has announced that VinFast will be the title sponsor of the first ever Vietnam Grand Prix, which will take place on the brand-new street circuit in Hanoi from 3rd to 5th April 2020.
VinFast is Vietnam's largest car manufacturer and is part of VinGroup, which was appointed promoter of the Vietnam Grand Prix in 2017.
VinGroup is one of the leading technology, industry and service groups in Vietnam, having established itself in the property, hospitality and entertainment, consumer retail, healthcare, education, agriculture and industrial sectors.
Vingroup has signed a multi-year deal to host the Grand Prix, which will begin as a street race in the heart of the country's capital.
Working in close collaboration with the City of Hanoi authorities, the promoter and Formula 1 Motorsport department the new track will deliver an exciting racing experience for the drivers as well as the fans.
|VinFast Car Manufacturer|
"We are very pleased to welcome VinFast as title sponsor of the first ever Vietnam Grand Prix," said Chase Carey, Chairman and CEO, Formula 1. "It is a young, dynamic and ambitious company; qualities that make it the ideal partner to grow our sport in Vietnam. For us, the Vietnam Grand Prix is one of the cornerstones of our long term vision for the future of the sport, because since we became involved in this sport in 2017, we have talked about developing new destination cities to broaden the appeal of Formula 1 and at the same time, consolidating our presence in Europe, the traditional home of the sport.
"There are 170 days to go until the Grand Prix and everyone in Formula 1 is keen to come to Hanoi, one of the most exciting cities in the world right now with such a rich history and an incredible future ahead of it, to take part in one of the most exciting events on the 2020 FIA Formula 1 World Championship calendar."
"We are thrilled with today's news," said Le Ngoc Chi, CEO of the Vietnam Grand Prix Corporation (VGPC). "Securing a title partnership with VinFast is a major milestone moment for the Formula 1 Vietnam Grand Prix, providing us with a huge boost as we continue to strive tirelessly towards hosting our first ever F1 race weekend in Hanoi. VinFast shares so many traits that perfectly align with VGPC's underlying values and aims – a spirit of dynamism, passion and forward-thinking energy that symbolizes the growing confidence of Vietnam on the global stage and will help us to further unleash Vietnam's future. We now look forward with increased excitement and optimism to delivering the inaugural Formula 1 race weekend in Vietnam with the support of our new partners at VinFast!"
"This is a wonderful opportunity for VinFast to showcase our premium product on the global stage," added Ms. Nguyen Thi Van Anh, Deputy General Director of VinFast. "In assessing the merits of this partnership, we quickly recognized that being associated with the world's most prestigious sport would bring wide-ranging benefits to our brand. We look forward with great enthusiasm and excitement to playing our part in this momentous undertaking."