HANOI, Nov. 7 (Xinhua) -- Vietnam's Hanoi capital will host Formula One (F1) car race for the first time in April 2020, the municipal authorities announced on Wednesday.

"Hanoi has signed a 10-year contract, starting from 2020, with the F1 Group," chairman of the Hanoi People's Committee Nguyen Duc Chung said at a press briefing on Wednesday.

The My Dinh sports complex in Nam Tu Liem district has been chosen by the city and F1 experts to host the race. The track will stretch over 5.565 kilometers with 22 turns inspired by the world's most famous circuits.

Half of the track would be existing roads and the other would be built soon, Chung noted.

On the sidelines of the four-hour race, several activities including car exhibitions, and festivals on film, music and local food will take place.

The organizing cost will be paid by the private sector, represented by Vietnamese multi-sectoral firm Vingroup, he said.

"This is not only an important sport event, but also a significant social-cultural one, contributing to Vietnam's development," Vietnamese Prime Minister Nguyen Xuan Phuc said on Wednesday when receiving F1 Group CEO Chase Carey, affirming that his government was willing to support the race's hosting.