New F1 host vows success

Hanoi – Formula One’s mixed history in Asia shows that Vietnam will need to steer clear of the problems that plagued other races when it joins the circuit in 2020, experts say.

The fast-growing communist country will be only the third southeast Asian nation to host an F1 race as the glitzy franchise seeks to tap new regional markets after an $8 billion takeover by US firm Liberty Media last year.

Hanoi, confirmed as host on Wednesday, was far from an obvious choice: it’s not the richest city in the region, and motorsports remain on the fringe in the football-mad nation.

But with its 10-year F1 deal worth tens of millions, Vietnam has promised to succeed where some other Asian countries – India, South Korea and Malaysia – have not.

Facing financial strains, all three pulled the plug on hosting the race in the past five years, a warning sign for ambitious cities tempted to enter the costly sport.

“They (F1) can’t really afford a failure,” said Laurence Edmondson, ESPN’s F1 editor.

Asia’s shining example is Singapore, whose glittering, downtown night race quickly became a mainstay of the F1 circuit.

In the right market, F1 races can rake in tens of millions of dollars from ticket sales, merchandise and television broadcasting rights.

But the event requires huge up-front investment from firsttime hosts, and needs to be meticulously organised and properly promoted.

Success also hinges on a passionate motorsports culture that does not yet exist in Vietnam, where most people drive motorbikes instead of cars.

The city has a few cost-cutting factors in its favour: the 5.6km street course will use some existing roads instead of building an entirely new track from scratch, a costly endeavour that has helped to derail some past hosts. –