Formula 1 Chief Executive Chase Carey has outlined the general criteria that will judge whether or not a certain place or city has what is required to make a spectacular racing venue.

When Carey was installed as F1's CEO, he had the plan of maintaining Formula 1's European venues, but he has entrusted himself and his executive team to expand the sport's market, most notably in Asia and North America.

F1 is reportedly close to reaching a deal with the city of Miami with plans to host a Grand Prix and expects to sign a 10-year deal with the east coast city while Formula 1 also expects Vietnam to begin hosting races as soon as 2019 or 2020.

Speaking at the FIA's Sport Conference in Manilla on Monday, Carey said finding a balance between a circuit which provides great racing and has a global appeal is essential.

"I'd say there's a handful of things that are important for us," he said when asked what F1 wants from potential race hosts, per ESPN.

"First we want to make sure it's right for a race. We'll build all the things all around it but it starts with having a track that can provide a great race.

"Today there are probably circuits that are not conducive to providing the most exciting, best racing, there are some that fabulous. To start we want a track that is going to deliver a fabulous, exciting race.

"Second, we want a site that is going to capture the world's imagination. We're in the great cities around the world -- we want to use the phrase 'destination cities'. We're in places where you want people when they look at it on the TV are excited and think it looks spectacular, really capture people's imagination and if they go to it it's even more special. So we want those magical cities, magical countries that really intrigue and fascinate the world."

With F1's expanding markets in places like North America and Asia, it has caused some unrest over whether or not that will detriment the standing European markets in the sport, as seen with Hockenheim's contract in Germany being run out without any plans to renew due to the financial burden F1 placed on the German city.

Without delving into the specifics, Carey once again reiterated that F1's growth in other markets should not be seen as a direct threat to the long-standing European markets of the sport.

"I think we want a balance of races around the sport. We're a global sport, we really are unique... there are sports which are followed around the world, the Premier League has a following around the world but it's competition is in the UK -- we compete around the world with drivers and heroes from around the world.

"We're, in many ways, like a World Cup, unique competition, and we do it nine months a year every year, not two to four weeks every four years. We want to have a balance of events around the world, make sure we continue to build on the foundation, which is Europe for us.

"We don't want to have growth and not recognise the importance of that foundation, so take advantage of being able to grow it in America and Asia, while continuing to build on the foundation in Europe."