Vietnam will become the latest country added to the F1 calendar in 2020.
Capital city Hanoi will play host to the race which will take place on a 5.565km track.
The race marks the first addition to the calendar since Liberty Media’s takeover of the sport.
It becomes the third race to be established in south-east Asia following Grand Prix in Singapore and Malaysia.
But the Malaysian race was scrapped in 2017 due to poor ticket sales.
"Since we became involved in this sport in 2017, we have talked about developing new destination cities to broaden the appeal of Formula 1," said F1 chief Chase Carey.
"The Vietnamese Grand Prix is a realisation of that ambition."
Carey also expressed his confidence that work has been done to ensure "a circuit that will not only test the drivers but also ensure that our fans enjoy the racing spectacle".
City of Hanoi chairman Nguyen Duc Chung added: "It’s a further demonstration of Vietnam’s ability, as one of the fastest growing economies in the world to host events on a global scale and attract tourism to the country."
Lewis Hamilton won his fifth world championship in Mexico last month to make history, placing him alongside legendary Argentine driver Juan Manuel Fangio.
Hamilton said: "It is a very strange feeling right now. To complete this with Fangio having done it with Mercedes is a surreal feeling.
"It was a horrible race and I was working my way up, but I don’t know what happened after that.
"I was just trying to hold on and bring the car home, I wouldn’t be here if it wasn’t for my Dad, Anthony, and all the work he did.
"I want to say a big thank you to my team. As I told them on the radio it wasn’t won here, it was won through a lot of hard work during all the races. Thanks to everyone who have been a part of it."
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