Thailand is edging closer to becoming a part of the Formula 1 calendar following the government’s recent approval of a $1.2 billion budget to support a bid for a Grand Prix in Bangkok. If the plan is successful, Thailand could host its first F1 race in 2028 under an initial five-year contract, marking a major step forward for motorsport in the region.

The news was officially announced during a press conference where Thailand’s tourism minister confirmed that the substantial funding had been approved, making the chances of a Thai Grand Prix more realistic than ever before. This move follows a series of discussions between Thai officials and key figures in the Formula 1 world, including a visit earlier this year by F1 CEO Stefano Domenicali to Bangkok where he explored the potential for a race in the capital.

Not long after Domenicali’s visit, Thai F1 driver Alex Albon also met with the country’s Prime Minister Paetongtarn Shinawatra to talk about the plans. Albon later commented positively on what he had seen, noting that while nothing was finalised yet, it was clear that the Thai government was showing strong commitment and taking the project very seriously. He also praised the early designs for the race circuit, saying that the vision for the event was impressive and professional.

According to recent reports, the proposed race would take place on a 5.7 kilometre circuit around Chatuchak Park in central Bangkok, replacing an earlier concept from 2013 that had suggested a track near the Grand Palace. With this new layout, the organisers aim to create a world-class venue that not only appeals to F1 fans but also showcases the vibrant character of Bangkok to a global audience.

READ MORE: Canadian Grand Prix to stay on the F1 calendar until at least 2035

The Thai government is hopeful that hosting a Formula 1 race would bring major economic benefits to the country. It is estimated that the event could attract a crowd of up to 300,000 spectators over the race weekend, which in turn could generate as much as 16 billion baht for the local economy, 14 billion baht in added economic value, 1.4 billion baht in tax revenue and 7 billion baht in new investments. Additionally, the race could create around 8,000 new jobs each year, underlining its long-term value beyond just tourism and international visibility.

In preparation for the bid, a Thai delegation has travelled to several Formula 1 races including those in Australia, Italy and Monaco to gather insights and observe how large-scale events are managed. Furthermore, it has been reported that a memorandum of understanding has already been signed between the Thai government and Formula One Group, with a proposed annual hosting fee of around $55 million, placing the Thai Grand Prix in the same league as high-profile races in Saudi Arabia and Qatar.

Despite the excitement surrounding the bid, there are still logistical questions to be addressed. The current Formula 1 calendar already features 24 races, a number Domenicali has indicated the sport prefers not to exceed, even though the current regulations allow room for one additional Grand Prix. However, several races such as those in Austria, the United States and Saudi Arabia are nearing the end of their contracts, and some like Belgium are moving to a rotational schedule. This could potentially create space for the Thai Grand Prix to be added without requiring major changes to the calendar.

If approved, the Bangkok Grand Prix would become the fifth race in the Asia-Pacific region, joining Australia, China, Japan and Singapore. While most of these races take place early in the season, the Singapore Grand Prix is traditionally held in September, which also happens to be the month with the heaviest rainfall in Bangkok. As a result, organisers are considering a slot earlier in the season for the Thai race, which could even lead to changes in the timing of the Japanese Grand Prix.