Vietnamese Prime Minister Nguyen Tan Dung Thursday announced to withdraw from hosting the 18th Asian Games (ASIAD 18).

Vietnam will not host the 18th Asian Games which is expected to be held in capital Hanoi in 2019, said Vietnam's state-run television VTV, quoting the prime minister's decision.

Accordingly, Vietnamese Prime Minister Nguyen Tan Dung assigned Vietnam's Ministry of Culture, Sports and Tourism, in coordination with the Ministry of Foreign Affairs and Hanoi People's Committee to quickly work with Olympic Council of Asia (OCA) and relating partners on the option of withdrawing host of the ASIAD 18.

Vietnam will apply for the host of ASIAD in appropriate time, said the prime minister.

Late Thursday, Vietnamese government office released a decision on the Prime Minister's conclusion of hosting ASIAD 18. According to the decision, Vietnamese government thanks OCA for supporting Vietnam in developing sports in general and supporting Hanoi city on the host of ASIAD 18 in particular.

But Vietnam has no experience on holding big sports event like the ASIAD 18 while the host hasn't been prepared well. When Vietnam lobbied for the host, there hadn't been a proposal for ensuring the successful organization of the event. Up to now, the preparation proposal hasn't been approved by the Vietnamese prime minister, said the decision posted on the Vietnam central government's website.

The decision says that consensus hasn't been reached over purposes and meaning of hosting the games while big differences have been seen in total investment amount and detailed funding sources to host the games which come from central budget, local budget and social sources and ASIAD revenue.

Hosting and successfully organizing regional and international sports events will contribute to socio-economic development, promoting image and increasing role of Vietnam. However, if Vietnam fails to do so, the effects will be reversed, says the decision.

Vietnam is heavily influenced by financial crisis and global economic depression, the country's socio-economic situation remains difficult. Vietnam's central and local budgets are limited now and will be focused on other urgent tasks, according to the decision.

The Vietnamese government came to a conclusion that the country will withdraw from hosting ASIAD 18, reads the decision.

Earlier on June 7, 2011, Vietnam announced that it would apply for hosting ASIAD 18. On November 8, 2012, Vietnam's capital Hanoi was chosen by OCA for holding the event with a total vote of 29, much higher than its only rival of Indonesia's Surabaya with 14 votes.

Vietnamese netizens praised the prime minister's decision on withdrawing host of ASIAD 18. Hundreds of comments were made on local VNExpress online newspaper on Thursday, right after the news was published. Almost all of the comments say they agree with the withdrawing.

A reader named phamthaison1088 said on VNExpress that in his opinion, the withdrawal is a right decision. Vietnam's state budget should be spent for practical demands of local people such as building roads, hospital, and school.

According to a survey carried out among nearly 85,000 readers by VNExpress since the beginning of April to Thursday, some 87 percent of people think that Vietnam should withdraw the ASIAD 18 host.