Business Opportunities for European Companies in Formula 1 Vietnam Grand Prix

The European Chamber of Commerce in Vietnam (EuroCham) provides insight into the business perspectives of the Formula 1 race which will take place in April 2020 in Hanoi.

In a strongly attended event on the 25th of June in Hanoi, Ms. Le Ngoc Chi, General Director of Vietnam Grand Prix Corporation and her colleague, Mr. Tran Hoang Viet, presented the plans for the first-ever Formula 1 event in Vietnam. The organisers´ partnership with the International Automobile Federation is projected for 10 years which may provide cooperation opportunities even after the first Grand Prix experience in 2020.

The third panelist, Mr. Ashley Davis, Project Director of International Consulting on Australian Grand Prix Corporation, shared experiences from other countries and emphasised the positive effects of such events in terms of image and investments.

Thanks to numerous questions of the audience and a very open dialogue, through Ms. Chi and Mr. Viet, opportunities concerning specific business sectors were discussed. For example, whilst most of the transport providers are determined already, there is still significant space for entertainment and tourism suppliers.

GPVN also shared the infrastructure opportunities and challenges for European business to get involved both with the commercial aspects of the event, and also as fans. They described the many different fan packages available, event details and the excitement for the city of Hanoi. GPVN also gave an insight about the many business opportunities for EuroCham members to get involved as sponsors, suppliers and partners.

EuroCham has a long tradition of “green” engagement, as well as a wide range of environmental solutions being offered by its members and sector committees with the potential to support an ecology-minded process. The Formula 1 Grand Prix originates in Europe and shall be a showcase for Vietnam´s dynamic and positive development in the future.