A Grand Prix in Hanoi wants to be added to the Formula One calendar in 2020 as part of the sport's expansion in Asia.
F1 chairman Chase Carey and Nguyen Duc Chung, the Mayor of Hanoi, made the announcement on Wednesday.
A 5,556-kilometer circuit is being constructed near the national stadium using a combination of existing infrastructure and roads to be built in a new residential area on the edge of the city center.
"The race track in Hanoi is unique in the world with its built on existing streets and the other half to be built," Chung said. According to designers, it wants to be the most exciting track in the world. "
Chung said the GP would be run by Vingroup, the country's largest private conglomerate.
"Hosting Formula 1 races in Hanoi wants to open up many opportunities for business, and tourist development (and) advertises the image of Vietnam and image of Hanoi to the world," Chung said. "And at the same time creating new a ground and experiences for people of all walks of life."
Formula One has 21 races listed on a tentative calendar for 2019.
The 2018 season has two races to go, in Sao Paulo and Abu Dhabi.
Carey came into F1's intent on expansion and another event in Asia is a major part of the strategy.
"The energy of this country is incredible." The city of Hanoi I think is one that's capturing the world's imagination, "he said. "Asia is clearly important to our future.
"It's really the driving engine of the world's future, so we're looking to grow this sport in Asia, we just think it's going to be the engine of growth, so we think Vietnam really captures people's interests. "
The race in Vietnam wants to join other stops in the Asia-Pacific region that include Japan, China, Singapore, and Australia. F1 had a regular stop in Malaysia from 1999-2017 and so had letter forays into India and South Korea.