Reported plans for an F1 event in Vietnam look set to come to nothing after talk of a new circuit being built in the Nha Trang bay region of the country were denied.

Reports had suggested that circuit advisor Hans Geist was meeting with officials to discuss the building of a $150 million venue that would be suitable for F1 races but despite that meeting, the ministry of planning and investment has refused to commit to the idea.

"To date, the only thing the investor has done is meet with relevant Vietnamese authorities to find out about the feasibility of the project," deputy minister Dang Huy Dong told the Thoi bao Kinh te Viet Nam newspaper. "It is too early to say if such a project will really take place in Vietnam."

Geist himself also said his visit wasn't the start of serious negotiations about an F1 race in Vietnam, although he did admit that South Africa, Bulgaria, Romania and Argentina were all keen on securing a place on the calendar.

"My mission is usually to inform interested parties about Formula 1 and what it takes to build a race track to FIA F1 standards and organise a GP," he said. "I would say that of all my informative meetings maybe 10 per cent develop into a serious concept. In Vietnam, my job was purely informational."