VinFast, Vietnam’s largest car manufacturer, has agreed a deal to title sponsor the country’s new race on the Formula One calendar.
The deal was struck with Vietnam Grand Prix Corporation and F1, with the motor-racing championship set to stage its first race in Hanoi on a street circuit in the capital on April 5.
VinFast is part of the VinGroup conglomerate, which was appointed promoter of the Vietnam Grand Prix in 2017 and signed off on a multi-year deal to take F1 to the country in November.
Chase Carey, chairman and chief executive of Formula One, said: “For us, the Formula One VinFast Vietnam Grand Prix 2020 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.
“With only 170 days to go, momentum is starting to build and anticipation is growing daily amongst the whole F1 community. Indeed, this is being reflected in the steady ticket sales so far.”
Nguyen Thi Van Anh, deputy general director of VinFast, added: “This is a wonderful opportunity for VinFast to showcase our premium product on the global stage. In assessing the merits of this partnership, we quickly recognised that being associated with the world’s most prestigious sport would bring wide-ranging benefits to our brand.”