The race should be the first new addition to the calendar to go ahead since Liberty Media took over the running of F1.
Hanoi promoter Vingroup has signed a multi-year deal to host the race, which will start as "a thrilling street race" in Vietnam's capital around a 5.565 kilometer track.
"We are delighted to announce that Hanoi will host a Formula 1 Grand Prix", said Carey. "Hanoi is one of the most exciting cities in the world with a great history and an incredible future".
The reproduction of the story/photograph in any form will be liable for legal action. Responsible for the Design of the route of the long-standing formula 1 track architect Hermann Tilke.
Alex Yoong, the only Malaysian ever to race in Formula 1 and now a motor racing pundit for Fox Sports, said Vietnam should try to learn the lessons of Malaysia's experience.
"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".
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The reveals come after the Fantasy Bra was finally unveiled on Tuesday, featuring diamond and Swarovski crystal embellishments. What's different about this Fantasy Bra compared to past ones is that this one will be able to purchase their own Fantasy Bra.
The long-anticipated announcement comes as Liberty Media, which took over the Formula One franchise previous year for $8 billion, tries to tap into new markets - especially in fast-growing Asia.
Neither Brands Hatch nor Donington Park, which hosted the 1993 European Grand Prix and was in line to host F1 from 2010 until plans fell through, are at the required level, while occasional ideas to hold a race in London have never been fully developed.
Formula One races are already well established in Singapore, China and Japan.
But motor racing is a virtually unknown sport in Vietnam, where football is a clear fan favourite.
Chung said the GP would be funded by private enterprise headed by Vingroup, the country's largest private conglomerate. It has been designed by Tilke - bear with us - and so takes its inspiration from other circuits, but will also be semi permanent, using both existing and goal built roads.
Daniel Ricciardo in action at Silverstone. "For VinGroup individually, through the F1 racing event, we are going to proclaim the first Vietnamese vehicle manufacturer, VinFast, to millions of audiences in the world".
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