Vietnam Announces It Will Not Host 2019 Asian Games, Citing Lack Of Preparation

Vietnam "quit as host" of the 2019 Asian Games on Thursday, citing a "lack of preparedness and concerns that holding the multi-sport event would not prove financially viable," according to Nguyen Phuong Linh of REUTERS. Vietnam PM Nguyen Tan Dung said that Vietnam was "suffering from the effects of global recession and the state was unable to foot the bill for facilities and venues that would not be profitable in the years after the Games." It was not "immediately clear which country would take over from Hanoi as hosts of the 18th Asian Games." Dung: "Hosting this could help us promote our economy, society and the country's image. However, if we did not prepare carefully and successfully, it could have the opposite effect. State budget is limited and has to be focused on investing in other very urgent tasks." Economists' estimates for the "cost of Vietnam hosting the Games have varied" from $150M to as high as $500M (REUTERS, 4/17).