The first Hanoi Grand Prix will be staged in 2020, Formula One boss Chase Carey confirmed Wednesday as he laid out plans to expand motorsport's premier championship in Asia.
Vietnam announced last week it will host the race in its communist capital from April 2020, becoming only the third Southeast Asian nation to host the Formula One after Malaysia and Singapore.
"We're very proud to be announcing this race in 2020," Carey told reporters in Hanoi as details of the event were unveiled.
Carey said the decision to hold the race in Hanoi was part of Formula One's strategy to move into markets where it hopes to groom a new generation of fans -- and boost revenues.
"We plan for this to be a long-term agreement, and we intend for this to be a long-term partnership," he added.
"The race is also an important part of our broader strategy to grow our sport in Asia, and clearly Vietnam is a driving force for the growth in Asia."
Disclaimer: No Business Standard Journalist was involved in creation of this content