The Vietnam Football Federation (VFF) and 28 football clubs have agreed to set up a joint stock company, the Vietnam Professional Football JSC (VPF), aiming to promote the V-League and improve the quality of domestic football.

The company, which was proposed by the chairmen of several V-League powerhouses in a meeting between the VFF and the chairmen of 28 football clubs in Hanoi on Sept. 29, is expected to be established before next season kicks off in January.

The VPF will manage the V-League with capital of over 21 billion VND (1 million USD), of which 750,000 VND(64.4 percent) will be contributed by the 14 V-League teams.

The VPF will manage the premier league under the rules of the world governing body, FIFA, and the VFF.

The establishment of the VPF will be a crucial step towards helping the national football championship become a professional league.

In a meeting in Hanoi earlier this month, the chairmen of several V-League teams complained about the standard of the V-League board and refereeing in the two leagues last year.

The final decisions of the VPF will be announced at the annual VFF meeting this December.