Ho Chi Minh City will work alongside economic experts to devise orientations for a new bailout package, with local firms hardest hit by the COVID-19 pandemic expected to receive the package with interest rates of 0%, according to Nguyen Thanh Phong, chairman of the HCM City People's Committee.

Phong made the statement during the 23rd session of the ninth municipal People’s Council on December 7 aimed at reviewing the implementation of socio-economic tasks for this year.

With regard to offering support for enterprises, Phong outlined that the southern city will conduct surveys with the purpose of providing timely assistance to investment and business activities of enterprises, especially small and medium enterprises (SMEs).

He went on to emphasise that businesses in the are primarily SMEs, the majority of whom have been negatively affected by the impact of the pandemic, adding that the southern city has launched a range of bailout packages by deferring tax payments for personal income tax and value added tax in an effort to support local businesses.

With regard to support for local residents, the southern city has made great strides in ensuring that no one is left behind, especially with regard to the vulnerable and those facing difficult circumstances.

Recent times has seen the metropolis support over 20,000 lottery ticket sellers in overcoming various challenges caused by the pandemic.