Announcing details of the September 19-22 event, Asian Tour executive chairman Kyi Hla Han hoped the Vietnam Masters would inspire many more golfers to follow in the footsteps of Michael Tran, the only Vietnamese on the Tour.
"The Asian Tour is celebrating our 10th season in 2013 and in our vision for the next 10 years, we hope to be well represented by players and host nations from all the major markets from across Asia, including Vietnam," Han said in a statement.
The event will be played at the Sky Lake Resort and Golf Club, around 40 kilometres from Hanoi.
With golf set for its Olympic return in Rio de Janeiro in 2016, Tran felt the timing was perfect.
"The Vietnam Masters will provide the impetus for Asian and Vietnamese golfers to raise the level of their games and improve their positions on the Official World Golf Rankings, which will be used to determine the field for the Olympics," said the golfer still looking for his first win on the tour.
Last week, the Asian Tour confirmed the $1.3 million (£840,000) Hong Kong Open, co-sanctioned by European Tour, would take place from December 5 at 8 at the Hong Kong Golf Club.