The announcement is the first new race to be unveiled by Liberty Media, which took on ownership of the sport at the start of 2017, reports Efe news.
Hanoi will be added to other "well established" Asian grand prix events in China, Japan and Singapore, and "represents Formula 1's firm commitment to the Asia region", a statement by Formula 1 said.
The multi-year deal to bring the Formula 1 circus to Vietnam's capital will begin as a 5.565 km street circuit race in the heart of the bustling city.
Chase Carey, chairman and chief executive of Formula 1, said Hanoi was a prime example of new destination cities for the sport to be able to reach new markets and broaden its global appeal.
"Since we became involved in this sport in 2017, we have talked about developing new destination cities to broaden the appeal of Formula 1 and the Vietnamese Grand Prix is a realisation of that ambition," Carey said.
"We are thrilled to be here in Hanoi, one of the most exciting cities in the world right now with such a rich history and an incredible future ahead of it. This is the perfect formula for Grand Prix racing and I look forward to this becoming a real highlight of the F1 calendar," he added.
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