Formula 1 CEO Chase Carey says the prospects of a new Grand Prix might be exciting but that any new events must promote good racing.

The 2018 season has produced more explosive action than in recent years, with typical exception to Monaco and Australia. Having been on the calendar for 19 years, Malaysia bowed out of the championship last year due to falling attendance and the resulting financial pressure.

The first real foray into Asia, aside from the Japanese Grand Prix, Malaysia saw Formula 1 step into a brand-new market. The rumored replacement for Malaysia appears to be Vietnam.

Likely to be a street circuit around the streets of capital city Hanoi, Carey says that the circuit layout must be right for the sport and promote the exciting brand of racing demanded by fans.

Speaking at the FIA’s Sport Conference in the Philippines, Carey outlined his goals for any potential new event.

"There are a handful of things that are important for us," Carey said. "First, we want to make sure that it is great for a race. While we build all the things around it, it starts with having a track that provides a great race.

"Today, realistically, there are tracks that probably we need to work on that are not conducive to providing the most exciting and best racing. There are some that are fabulous. To start, we want a track that will deliver a fabulous exciting race. Second, we want a site that is going to capture the world's imagination.

"We are in the great cities around the world. We use the phrase ‘destination cities,’ and we are in places where when they (viewers) look at it on TV, they are excited about it, think it looks spectacular, and that really capture people’s imagination. And if they go to it, it is even more special.

"We want those magical cities and magical countries that really intrigue and fascinate the world. And we want a balance of events around the world, to make sure we continue to build on the foundation, which is Europe for us."

Speaking directly of Vietnam and any potential Grand Prix event, Carey lauded the region.

"Vietnam is a very exciting country," he added. "A country that’s caught the world’s imagination and, in many ways, that’s where we want to be.

"I think we’re excited about the opportunity to grow in Asia -- we’re excited about the opportunities that we’re discussing in Vietnam, certainly."

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