Vietnam may soon have a Formula One standard, world-class motor racing stadium.

Hans Geist, managing director at Moscow Raceway in Russia and former general manager of Formula One tracks in Austria and Bahrain, last week sent a proposal to the Ministry of Planning and Investment (MPI) for building a $150 million Formula One circuit in Vietnam.

The racetrack, to cover 300 hectares, is proposed to be located near Nha Trang Bay in central Khanh Hoa province.

“The dynamic economy of Vietnam and tourism potential are good reasons for building a circuit here,” said Geist.

The circuit would be built within three years, but Geist did not reveal when construction starts. This is the first time a car racetrack project has been proposed for Vietnam and Geist said the circuit could bring Formula One racing to Vietnam.

Formula One, the highest class of single seater auto racing, reaches approximately 600 million people during a weekend through television, internet and print media. The live television coverage reaches 250 million people per race weekend.

“Formula One with more than 200 global brand partners will guarantee a professional business communication for Vietnam and its international recognition. Formula One will certainly stimulate Vietnam’s economy, tourism and infrastructure,” said Geist.

He calculated that each Formula One race creates more than $100 million worth of extra sales for the region where the race is held during race week and the advertising value of more than $300 million per race.