Thailand's cabinet has approved a bid to host a Formula 1 street race in Bangkok as early as 2028, officials said on Tuesday.
Government spokesperson Jirayu Houngsub said at a news conference that the initial bid would be for hosting five events between 2028 and 2032.
"In the next two to three years, Thailand will have world-class competition, which we never thought would actually happen in Thailand," Jirayu said.
Tourism Minister Sorawong Thienthong added that the bid is worth about $1.23 billion.
The proposed track would be a 3.54-mile street circuit located between the Krung Thep Aphiwat Central Terminal Station and Chatuchak Park in an area to the north of the city's center.
Thai Prime Minister Paetongtarn Shinawatra attended the Monaco Grand Prix last month in the latest of a series of meetings with F1 CEO Stefano Domenicali about the proposal.
F1 announced a fully packed 24-race calendar for 2026 last week, with the new addition of Madrid replacing the Emilia Romagna Grand Prix at Imola.
A number of existing race contracts are due to expire before Thailand's proposed entry in 2028, with the Dutch Grand Prix set to fall off the calendar after its 2026 event and Barcelona unlikely to retain its spot now that Madrid has been added.
The Belgian Grand Prix at Spa-Francorchamps is set to become a biennial event from 2027 onwards, meaning it will not be held in 2028 and 2030 before its contract expires in 2031.
On Tuesday, F1 announced the Canadian Grand Prix in Montreal had extended its contract until 2035, while Miami holds the longest deal with the sport through to 2041.
