The Vietnam Football Federation (VFF) will debut the Vietnam Professional Football JSC (VPF) and host its first ever shareholders meeting later this month.

A federation source revealed that the meeting would be attended by representatives from the VFF and 24 V-League and First Division football teams.

The source added that VPF shareholders would vote for a chairman, executive board members, general director and supervisory board one day after the meeting.

As scheduled, the VPF will manage the V-League and First Division – two major domestic football championships – from next year with a capital of over 30 billion VND (1.4 million USD), 64.4 percent of which would come directly from 14 V-League teams and 10 First Division clubs.

Having approved the establishment of the VPF last week, the Ministry of Culture, Sports and Tourism called on the new company to operate according to FIFA and VFF rules and regulations.

At the VFF's executive meeting in Hanoi earlier this month, football clubs agreed to set up the new body to promote and improve the quality of domestic football.

In addition, the VFF said that all teams from the V-League and First Division must convert their clubs into profit-making businesses by 2013.

Federation Vice Chairman Pham Ngoc Vien said that Vietnam football would have by the end of 2013 to fulfil Asian Football Confederation (AFC) requirements for promoting professionalism in the country's league.

Two years ago, a number of V-League clubs had to pull out of the AFC Champions League due to the amateur nature of their operations./.