Board of Directors of Group Joint Stock Company Vingroup has just issued a resolution on the dissolution of Vietnam Grand Prix Company Limited, a subsidiary 100% owned by Vingroup.
The Board of Directors assigned the total Director – legal representative works with the board of directors of Vietnam Grand Prix Company to implement and carry out dissolution procedures according to legal regulations.
Vietnam Grand Prix is The company was established in August 2018 with a charter capital of 1,000 billion VND. Purpose of establishment enterprise is to organize Formula 1 racing (Formula 1 – F1).
Initially, 100% of the capital contribution in this legal entity is owned by Production Company Limited and Business VinFast is also a member of Vingroup. After that, all capital contributions in Vietnam Grand Prix were transferred to Vingroup.
According to the plan, the first F1 race in Vietnam will be held in April 2020 at My Dinh (Nam Tu Liem district, Hanoi). The race is expected to be held within 1 week. The racetrack infrastructure is combined with new construction and the existing road system.
The race was hosted by Hanoi City and then assigned to Vietnam. Grand Prix is the focal point for the exclusive organization. F1 race event rights and hosting fees are paid by this company for F1.
The F1 racetrack in Hanoi is built on a total area of 88 hectares within the campus of My Dinh Sports Complex. and a part on public transportation roads running through the streets: Le Quang Dao Le Duc Tho… with a length of 5,607km including 23 corners strictly guaranteed with strict technical safety standards.
< p>By February 2020, the racetrack completed construction of all 5,607km and accompanying fixed items after more than 11 months of construction. However, the Covid-19 pandemic made it impossible for the most prestigious car race on the planet to take place in Vietnam.
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