The first Hanoi Grand Prix will kick off a "long-term partnership", Formula One boss Chase Carey said Wednesday as he confirmed plans to expand motorsport's premier championship in Asia. Vietnam announced last week it will stage 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," Carey told reporters in Hanoi as details of the event were unveiled. Carey said the decision to host 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," Carey said. "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," he added. Hanoi municipal government chairman Nguyen Duc Chung said a 10-year contract for the day race had been signed with Formula One, with an opportunity to discuss extensions from year eight.