Formula 1 and the City of Hanoi on Wednesday (November 7) announced that a Grand Prix will be held in the Vietnamese capital in April 2020.
It is the first new race to be announced under the ownership of Liberty Media, which bought the F1 organization for $4.6 billion in January 2017.
Alongside Singapore, Japan and China, the Vietnamese race will be the fourth staged in Asia.
"We are proud to be hosting the Formula 1Vietnam Grand Prix, and showcasing the city of Hanoi to the world with its special combination of ancient and moden beauty from 2020".
Formula One boss Chase Carey said some past flops might have come from near-sighted planning, which he hopes to avoid.
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Hanoi-based promoter VinGroup is responsible for making the monumental move take place, and have worked with the authorities in the city of Hanoi in order to prepare the circuit that will be used for this first time ever race. Responsible for the Design of the route of the long-standing formula 1 track architect Hermann Tilke. "It provides an opportunity for inward investment to Vietnam and importantly to bring the exciting wheel-to-wheel racing of Formula 1 to the people of Vietnam".
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Formula One has 21 races listed on a tentative calendar for 2019.
Singapore has hosted a Formula One night race since 2008.
If you're an F1 fan, do you think it's worth visiting Vietnam to watch the grand prix?
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.
Ecclestone told Reuters previous year that he had talks with the Vietnamese about a race while he was in charge but had decided, despite the money on offer, against it because he felt there were enough in that part of the world already.
Carey added that work had been done to "enable a circuit that will not only test the drivers but also ensure that our fans enjoy the racing spectacle".
Vietnamese officials see the race as an opportunity to boost both domestic and global tourism, while Vingroup sees it as a chance to tell the world about its own car-manufacturing ambitions.
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