TLDR; the money laundry dried up
"Plans to resume the race fell apart when its long-time champion, Hanoi chairman Nguyen Duc Chung, was arrested and convicted on unrelated
charges relating to classified documents. Without his support, the
completed track has struggled to attract the support it needs to fund an
actual Formula 1 race in Vietnam."
https://www.autoweek.com/racing/formula-1/a41635562/vietnams-forgotten-unused-fqtrack/
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