Investment attraction in Ho Chi Minh City reached a mere US$1.5 billion during the first three months of 2020, representing a year-on-year fall of 33%, earning only VND 899 billion per day in the process and only meeting 55% of the estimated target.

The figure was released by Mayor Nguyen Thanh Phong during the 19th session of the HCM City People’s Committee on March 27. 

Mayor Phong attributed the ongoing novel coronavirus (COVID-19) epidemic to the current slowdown facing the city's economy. Indeed, although the southern metropolis is making every effort to protect people's health, there have been negative economic impacts as a result.

The first quarter of the year saw the city's gross regional domestic product plummet to only VND899 billion per day, a vast drop when compared to the set target of VND1,636 billion per day.

Despite this, the southern city’s current focus is to make every effort to ultimately contribute to the country's fight against the COVID-19 epidemic.

The major focus is on doing its utmost to contain the COVID-19 outbreak and keep the number of infections below 150, Phong said.

The City People's Council has plans for VND2,753 billion to be used as part of the city’s spending in attempts to prevent the epidemic whilst also supporting workers affected by the disease.