Too early to overstate Vietnam GP chances

UPDATE #2 "My mission is usually to inform interested parties about Formula 1 and what it takes to build a race track to FIA F1 standards and organize a GP," Geist said. "I would say that of all my informative meetings maybe 10 per cent develop into a serious concept. In Vietnam, my job was purely informational."

"On a related note, The Russian GP venue near Moscow is 50 per cent ready, I would say, we can expect the opening in 2012," he said. "I will assist the Russians until then."

12/20/10 (GMM) The Vietnamese government has played down the possibility of a formula one grand prix in the southeast Asian country.

It was reported last week that Hans Geist, linked in the past with F1 forays in Russia, Austria and Bahrain, has proposed a $150 million project to Vietnam's ministry of planning and investment.

The proposal is for a formula one circuit to be built near Nha Trang Bay in central Khanh Hoa province in three years.

The Ministry of Planning and Investment subsequently confirmed that a working session with Geist took place.

But Dang Huy Dong, the deputy minister, stressed that the possibility of a grand prix should not be overstated.

"To date, the only thing the investor has done is meet with relevant Vietnamese authorities to find out about the feasibility of the project," he told the Thoi bao Kinh te Viet Nam newspaper.

"It is too early to say if such a project will really take place in Vietnam," he added.

12/14/10 (GMM) Vietnam could be the next country vying to join the ever-growing formula one calendar. Hans Geist, linked in the past with F1 forays in Russia, Austria and Bahrain, has proposed a $150 million project to Vietnam's ministry of planning and investment.

The proposal is for a formula one circuit to be located near Nha Trang Bay in central Khanh Hoa province, according to vietnamvet.vn.

"The dynamic economy of Vietnam and tourism potential are good reasons for building a circuit here," said Geist.

He did not say when the proposal would move forwards but construction would take three years.

"Formula one … will guarantee a professional business communication for Vietnam and its international recognition. It will certainly stimulate Vietnam's economy, tourism and infrastructure," added Geist.