The race will take place around the streets of the capital Hanoi on a 5.565km track.
It is the first new addition to the calendar under Liberty Media’s ownership of the sport.
“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 executive Chase Carey.
Chase Carey: “The Vietnamese Grand Prix is a realisation of that ambition.”
Chase Carey added that work had been done to “enable a circuit that will not only test the drivers but also ensure that our fans enjoy the racing spectacle”.
