HCMC discusses socio-economic development amid COVID-19

According to Secretary Nguyen Thien Nhan, the fight against COVID-19 has seen positive results as the city has basically prevented its community spread.

He stated that COVID-19 has seriously affected the city’s economy, especially services, but manufacturing activity has remained stable, which creates a favourable outlook toward recovery when the outbreak is over.

The HCMC Party chief underlined that combating COVID-19 is the top priority and the results in this effort will provide the foundation to perform other tasks.

He asked relevant agencies and local authorities to make the necessary preparations to revive economic activity and people’s lives.

According to HCMC Vice Chairman Le Thanh Liem, the city’s economy grew by only 0.42% in the first quarter of 2020 due to the coronavirus while its tax revenue fell by 8.63% over the same period of 2019.

The city’s inward foreign investment also dropped by 33% to US$1.05 billion.

Recently the city approved a relief package worth over VND2.7 trillion (US$117.24 million) to support those affected by COVID-19.