Vietnam pulls out of hosting Asian Games due to lack of funds

HANOI, Vietnam — Vietnam has withdrawn as the host of the 2019 Asian Games, saying it lacked funds and the country’s reputation could be at risk if things don’t go smoothly.

In a statement late Thursday, the government said hosting the event could “promote the country’s image and position. However if the hosting is not properly and successfully prepared, it will have opposite effect,”

The statement said public money “is limited and must be prioritized for other immediate tasks.”

Spending on sports venues and associated infrastructure for similar multi-sports events typically costs host countries in the hundreds of millions of dollars.

The Asian Games features similar events to the Summer Olympics but also include sports popular in Asia. More than 40 nations take part.