Vietnamese Grand Prix added to F1 calendar from 2020

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It's the first new location to be announced by F1's latest owner Liberty Media, which has been eying the Southeast Asian nation for a potential race for quite some time.

Hanoi will host the Vietnamese Formula One Grand Prix from 2020.

"One of the things we have been intensely focused on is extending grand prix racing to iconic cities, in downtown areas, where we can best engage fans. The city of Hanoi I think is increasingly one that's capturing the world's imagination", he said.

"We are delighted to announce that Hanoi will host a Formula 1 Grand Prix".

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According to the chiefs of all parties involved in the deal, the 5.565km track will create an exciting race experience for drivers and fans.

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The actual price tag after building the track, paying for security and promoting the event around the world is likely to be much higher, said Truong Anh Ngoc, sports correspondent at the official Vietnam News Agency.

Autosport reported last month that a deal for F1 to race at a new street-based circuit near Hanoi had been agreed. Presently there are three - Monaco, Singapore and Azerbaijan - and plans for Miami have been delayed from the initial 2019 plan.

"We're a 68-year-old entity and the nature of grand prix racing is that it is dynamic", he said in an F1 press release.

Formula One races are costly affairs requiring deep pockets from host countries.

Vietnam has also vowed not to dip into government coffers and has secured full financial backing from the country's largest private sector company, VinGroup, run by Vietnam's richest man who is worth an estimated $6.3 billion. "It provides an opportunity for inward investment to Vietnam and importantly to bring the exciting wheel-to-wheel racing of Formula One to the people of Vietnam", he said. It is, in part, on new roads, in part, to already existing hazards. "We are really looking forward to seeing Formula 1 cars speeding around the streets of this fantastic city from 2020".

Daniel Ricciardo celebrates a Formula 1 win. "For VinGroup individually, through the F1 racing event, we are going to proclaim the first Vietnamese auto manufacturer, VinFast, to millions of audiences in the world".

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