Vietnam has been mooted as a destination for a Grand Prix for years but ex-Formula One supremo Bernie Ecclestone was not keen on the idea.
The former boss previously admitted he did not want to expand the franchise there but F1’s new owners appear to have a different opinion.
Sources close to the deal have told Forbes magazine that a Vietnam street race is now very much on the cards.
And it is likely to be announced in the next few weeks after an agreement was reached at a meeting of the Formula One Promoters Association in London.
“Vietnam street race is what they are going to announce,” the source told Forbes.
It is said the race is set to be hosted on the streets of Vietnam’s capital, Hanoi due to the lack of suitable tracks in the country.
In October last year it was reported Vietnam was on F1’s list of potential venues and talks with officials were on-going.
And Ecclestone’s departure is said to have paved the way for an agreement with F1’s new American owners Liberty.
Speaking about why he rejected Vietnam’s bid to join the F1 calendar, Ecclestone claimed it was due to a lack of racing pedigree in the country.
“I was approached about having a race in Vietnam,” he said.
“I was offered the opportunity to meet the president about doing a deal for a Grand Prix.
“I could have done the deal and signed it in August. Everything was arranged for this to happen.
“It hasn’t got any racing history at all so I didn’t want to put another race in the same sort of area where we already have very good promoters.
“And I was criticised for putting the races in Baku and in Russia because they hadn’t got that much racing history.”