The Thai government has approved a $1.2 billion proposal to host a Formula 1 race on the streets of Bangkok, with the first event targeted for 2028. Officials have outlined a five-year plan to stage races from 2028 to 2032, pending approval from the FIA and Formula One Management.

Thailand is accelerating its ambitions to join the Formula 1 calendar after the government approved a $1.2 billion budget.

Thailand's cabinet has approved a US$1.2 billion bid to host a Formula One street race in its capital Bangkok in 2028, government officials said on Tuesday.