Vietnam has decided to set aside plans to build the country’sfirst nuclear power plant because of economic reasons, its government said in a statement on Monday. The country was set to launch the multi-billion-dollar project in collaboration with Russia and Japan. The project involved setting up two plants.

The government said a lower demand forecast, rising costs and safety concerns have forced them to scrap the plan. The cost of the project reportedly went up to 400 trillion dong ($18 billion), to twice the initial budget set in 2009 when the project was conceived, Reuters reported. The decision was taken during a closed session of Parliament.

Safety concerns following the nuclear disaster in Japan in 2011 were a major consideration for the project. In April, the country witnessed its worst environmental disaster yet when a toxic leak sullied more than 200 km of its coastline, killing more than 100 tonnes of fish. The incident, besides having severe impact on the environment, also put thousands of people out of jobs.