File picture: Federation Internationale de l'Automobile (FIA) race director Charlie Whiting laughs during a media question and answer session ahead of the British Grand Prix at the Silverstone race circuit, central England, July 3, 2014.
Vietnam, one of south-east Asia's fastest-growing economies, had set its sights on becoming a Grand Prix venue under the Bernie Ecclestone era.
It was some years ago that the points system was last changed, and F1 sporting boss Ross Brawn says that if a new change is made, it too will be for the long term.
An official announcement about the race, which will be the first new addition to the calendar by Liberty, is likely to come next month.
"There's no actual progress on building the track, but the site's been identified", said Whiting. The country has never hosted a Formula One race before, and it is just the latest signs of development with Liberty Media's plans to broaden F1's horizons.
"I think, as far as I'm aware, they're aiming for a 2020 Grand Prix, which shouldn't be a problem based on previous experience".
"It is mainly on the streets, but there is a section that is not yet built".
"That is an open site where the pit buildings are going to be built. There will be part of the track that will be built there, which doesn't exist at the minute but it will become a road".
However, it is uncertain whether F1's schedule shall be boosted beyond its current 21-race programme or whether existing races may fall off the calendar.