Thailand Accelerates Bid to Host Bangkok F1 Grand Prix... Approves $1.7 Billion Proposal

Bangkok Street Race Planned for 2028-2032
Course to Feature Tourist Attractions Including Chatuchak Market
Annual Revenue Expected to Reach 800 Million Dollars if Bid Succeeds

Thailand is accelerating its plans to host the world-renowned Formula 1 (F1) Grand Prix in downtown Bangkok.

F1 Race. Photo by AP Yonhap News

According to AFP and the Bangkok Post on June 18 (local time), the Thai Ministry of Tourism and Sports announced that the cabinet had approved a bid proposal worth 40 billion baht (approximately 1.6828 trillion won) to be submitted to the F1 organization.

If the bid is successful, F1 will be held on the streets of Bangkok for five years, from 2028 to 2032. The race course, which will take place over three days each year in downtown Bangkok, is expected to include Bangkok Central Station and the popular tourist destination around Chatuchak Market. About one-third of F1 races worldwide are held on city streets rather than dedicated circuits, and in Southeast Asia, Singapore currently hosts F1 on its city streets.

The Thai government expects to generate annual revenue of 20 billion dollars (approximately 824.1 billion won) through the F1 event. Prime Minister Srettha Thavisin has been actively pursuing the bid, including meeting with F1 Group CEO Stefano Domenicali in March. At that time, Prime Minister Srettha emphasized that hosting F1 would "benefit all Thai people through large-scale infrastructure investment, job and new income creation, and the introduction of new technologies," adding that it is "an important opportunity for Thailand to host a world-class event."

CEO Domenicali also stated on social media that he was "impressed by the plans for the Bangkok race," and suggested that if there is a vacancy in future F1 host locations, Thailand could be a strong candidate.

Thailand, which attracts about 40 million foreign tourists annually, has been actively working to host major events such as international sports competitions, concerts, and festivals to attract even more visitors. Last year, the government introduced measures to support the event industry, including exemptions from tariffs on various equipment for large-scale events and easing entry and employment requirements for foreign artists and staff.

This content was produced with the assistance of AI translation services.