The Formula One global motorsport series will hold a new race in Vietnam, according to US media reports.
US business news outlet Forbes reports that a street race for Vietnam’s capital city Hanoi was on the agenda at a meeting of the Formula One Promoters Association, the body which represents Grand Prix organisers, in London this week.
“Vietnam street race is what they are going to announce,” a source told Forbes.
In October 2017, media reported that Vietnam was on Formula One’s list of potential venues, and talks with officials were understood to be ongoing.
The motorsport series has grown its profile in south-east Asia after staging its final Grand Prix in Malaysia last season.
Formula One’s former chief executive Bernie Ecclestone, who was removed from his position in January 2017 following the motorsport series’ takeover by Liberty Media, is believed to have turned down a ten-year deal reportedly worth US$391.2 million to stage a Vietnam Grand Prix during his tenure.
Global motorsport body the International Automobile Federation’s (FIA) agreement with Formula One allows the series to add four more races to its calendar, but contracts require majority consent from racing teams Ferrari, McLaren and Red Bull Racing to hold more than 20 events per season.