HANOI, May 17 (Xinhua) -- The Vietnamese National Assembly on Saturday passed a resolution introducing a series of mechanisms and policies aimed at accelerating the development of the private economic sector, Vietnam News Agency reported.

The policy package offers support in key areas including credit access, land use and tax incentives.

Under the new resolution, small and medium-sized enterprises will be exempt from corporate income tax for three years from the date they receive their first business registration certificate.

Startups and venture capital management companies will be exempt from income tax for the first two years and enjoy a 50 percent tax reduction for the following four years.

According to the government, the private sector currently contributes approximately 51 percent of the country's gross domestic product and accounts for more than 30 percent of state budget revenue.

Vietnam looks to have two million private enterprises and at least 20 large Vietnamese companies participating in global value chains by 2030, according to a resolution issued by the Politburo earlier this month. ■