Vietnam will host a Formula One Grand Prix for the first time in 2020.
For the implementation of the race, which will take place on the streets of the capital Hanoi, a "multi-year contract" has been agreed.
It is the first new addition to the calendar under the ownership of Liberty Media in the sport.
"Since engaging in this sport in 2017, we've talked about developing new destinations to make Formula One even more attractive," said Chase Carey, F1 Chief Executive.
"The Vietnamese Grand Prix is a realization of this ambition."
Hanoi's 22-curve, 5.565-kilometer route will be the fourth F1 road race alongside Monaco, Singapore and Azerbaijan.
Created in collaboration with the ubiquitous Formula One designer Hermann Tilke, the track layout also features long straights, one of which is 1.5km long and cars should reach a speed of about 335km / h.
The design also incorporates features from other world famous tracks.
The first two corners reflect the German Nürburgring, while the section from Turns 12 to 15 was inspired by a section of the Monaco road race that leads from Sainte-Devote up the hill to Massenet.
The 16- to 19-year-olds reflect the sweeping Esses of Suzuka and the last three curves are inspired by the Malaysian Sepang.
Carey added that work has been underway to "enable a racetrack that not only tests the riders, but also ensures that our fans enjoy the racing spectacle."
"This is further evidence of Vietnam's ability to host events globally and attract tourism to the country as one of the fastest-growing economies in the world," said Hanoi City Chairman Nguyen Duc Chung.
The Vietnam Grand Prix is the third race to be held in Singapore and Malaysia in Southeast Asia. The latter was scrapped after the 2017 race due to poor ticket sales.