Formula 1 commercial chief Sean Bratches says the planned Vietnamese Grand Prix in Hanoi matches up with the vision of Liberty Media for the sport moving forward, as it bids to launch more events in major cities.

F1 confirmed on Wednesday it would be staging a race in Vietnam starting in 2020, taking place in the capital city of Hanoi. The event will take place in April, accompanying the existing cluster of events in Australia, Bahrain and China.

China GP F1 2018 Preview

Since taking over F1 in January 2017, Liberty Media has been pushing to add more street race events to the schedule, with a planned bid to hold a race in Miami from 2019 being shelved earlier this year.

With Vietnam being at a more advanced stage, Bratches explained following the announcement how important street races were to Liberty's vision for the future of F1 moving forward.

"One of the things we have been intensely focused on is extending grand prix racing to iconic cities, in downtown areas, where we can best engage fans," Bratches said.

"Most of our grands prix are currently half an hour to an hour outside cities, so this race in Hanoi fulfills of one of our preliminary goals – an iconic city hosting racing on a potentially thrilling street circuit.

"Vietnam’s concept of what grand prix racing should be about matches our vision for the sport."

Bratches also said that, despite Vietnam's lack of real racing history or culture, a street race would be an ideal way to engage new fans and expand F1's audience.

"We’re the beneficiaries of interest from cities, states, countries, municipalities from around the world and we have been taking a very cadenced approach in terms of how we go to market in terms of race promotion, choosing carefully so that potential races fit well with the existing structure we have and the direction in which we want to go in the future," Bratches said.

"Historically Formula 1 has been very reactive in terms of people coming to them, but we have been more proactive, going to markets that we think are aligned with our brand values and which provide the opportunity to engage fans in new ways.

"A street circuit is a great way to do that. We have Monaco, Baku and Singapore and this is a great addition to that line-up."