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The fast-growing 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 U.S. 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 … [Read more...] about Pitlanes and pitfalls: Vietnam’s bid to avoid F1 flop

Lan Mercado, Regional Director for Oxfam in Asia We, the people of ASEAN, our leaders, governments, businesses, and activists, want an Asia that works for all of us. Le Luong Minh, former Secretary-General of ASEAN, said that they want to advance towards inclusive growth and sustainable development, and its Economic Community Blueprint 2025 pictures a region that works for all – a resilient, inclusive, and people-oriented, people-centered economy. In our region, we've seen remarkable economic growth over recent decades; in less than five decades, the gross domestic product (GDP) has climbed from $37.6 billion in 1970 to $2.6 trillion in 2016, driven mainly by the exponential growth of private sector enterprises. In the past two decades, over 100 million people have gained jobs, and millions have overcome poverty. Investment is up, infrastructure is rising, trade is expanding, and regional prosperity has boomed. So, then what’s the problem? Despite this economic boom, … [Read more...] about Inclusive growth, the future of ASEAN business