Dec.20 (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.

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