Follow Bloomberg on LINE messenger for all the business news and analysis you need.

Vietnam plans to assist companies struggling amid the novel coronavirus outbreak with tax breaks, delayed tax payments and reductions in land lease fees, Prime Minister Nguyen Xuan Phuc told ministers attending his cabinet meeting today.

The assistance package will cost the government about 27 trillion dong ($1.16 billion), Phuc said during the meeting, broadcast on state television. The government also aims to speed up state spending on infrastructure projects, he said.

The government, which is targeting 2020 economic growth of 6.8%, has warned expansion is at risk of slowing to 5.96% this year if the disruption of the virus continues into the second quarter.