Work on Vietnam’s new F1 circuit for 2020 began this week.
FIA president Jean Todt was on hand for the ground breaking ceremony in Hanoi.
"I am very honoured to address you today at the occasion of the laying of the foundation stone of the Hanoi Motor Sport Circuit."
"Today we are living a historic moment for the development of motor sport in Vietnam."
"Hanoi, renowned for its historical and cultural wealth, will host in 2020, for the first time, a Formula 1 Grand Prix, and will therefore become one of the motor sport capitals in Asia."
"I look forward to seeing you in a year’s time on the starting grid of the first Formula 1 Vietnamese Grand Prix in Hanoi!"
He admitted he was surprised when he learned that Vietnam was seriously bidding for F1.
"But I believe in the success of the race in Hanoi," said Todt. "It is fantastic for the development of motor sport in the entire region."
"This major event will give to Vietnam - and particularly its capital - an international exposure. It will make it possible to multiply vocations for the younger generations, by encouraging the emergence of tomorrow’s Vietnamese champions."
The German broadcaster RTL reports that the Vietnamese government is paying about $60 million per year to host the grand prix. The contract is said to be for ten years.