Thailand Allocates $1.2 Billion for Bangkok Formula 1 Street Race

Thailand’s cabinet approved a US $1.2 billion (roughly ₿40 billion) proposal to bring Formula 1 to Bangkok via a five-year hosting bid from 2028 to 2032.

At a press briefing, government spokesperson Jirayu Houngsub announced, “In the next 2–3 years, Thailand will have world‑class competition, which we never thought would actually happen in Thailand.”

Tourism Minister Sorawong Thienthong confirmed the financial scale: “The bid is worth about 40 billion baht ($1.23 billion).”

“Bangkok, Oriental setting
And the city don’t know what the city is getting
The crème de la crème of the racing world
In a show with everything but Yul Brynner”

This announcement follows the March meeting between Prime Minister Paetongtarn Shinawatra and Formula 1 CEO Stefano Domenicali, which led to a formal feasibility study into establishing a Bangkok street circuit from 2028.

Despite having the FIA‑certified Chang International Circuit in Buriram, which hosts MotoGP, Thailand’s ambition is for an urban race through Bangkok, potentially weaving through areas like Chatuchak Park and the Bang Sue Grand Station precinct.

Alex Albon said:

“They’re taking it very seriously. And I think as a product, they have a very strong product. If you see the projects…If you see how serious they are.”

“I’ve seen a generic look at what they’re trying to do with it. And yeah, it looks good, I don’t think I can say [much more]. So I’d rather stay quiet on it. Again, I don’t want to say too much but I’m following a lot of interesting events.”

Thailand’s motivation is twofold: boost tourism—a cornerstone of the economy—and elevate its global profile by joining F1’s 24‑race calendar, which already includes four in the Asia‑Pacific region.

According to Thai officials, the five‑year deal would secure annual races through 2032, positioning Thailand as a permanent fixture on the F1 map.

If successful, Thailand would become one of the countries globally to host an F1 street race, joining the ranks of iconic venues like Singapore, Monaco, and Baku. There is already a 24-race calendar but rumors suggest some European races may be dumped which could open a slot and Thailand is aiming to fill it.