Vietnam Football Federation (VFF) on Thursday submitted documents proposing establishment of the Vietnam Professional Football Company (VPF) to concerned agencies for approval.
The company's trading name will be V-League Joint Stock Company (V.JSC). It will be independent from VFF but will operate in accordance with rules set by the VFF for football competitions.
Speaking to Thanh Nien, VFF Chairman Nguyen Trong Hy said that the company's Articles of Association will be completed soon. Commercially, it will operate in compliance with the Commercial Law while matters related to football will be done in accordance with regulations on professional football, he said.
"We will consider the company as part of VFF but it is just like other football federations of cities and provinces in the country. It is not right under the control of VFF, yet it must comply with regulations set by VFF.
"We should no longer argue about this issue because the company will certainly be established to bring benefits to Vietnamese football as a whole rather than for the benefit of any individuals or club owers."
Hy said VFF will not be involved in decision-making regarding commercial issues, but the federation will have the right to make decisions on issues related to football.
"VFF is not the manager of the company but the company will abide by legal documents prepared by VFF as well as other international football rules," he said.
According to Hy, the company's Board of Directors will consist of nine members - three VFF officials, four representatives of top-tier V-League clubs, one representative of second-tier First Division clubs and one public individual (an attorney).
He said the issue of personnel will be the main issue at the first General Meeting expected to take place before the kick-off of the 2012 season in early January.
"First, we must wait for approval from the Ministry of Home Affairs and the Ministry of Culture, Sports and Tourism, and we must have a license for operation.
"The organizational structure of the company will also need to be approved at the annual General Meeting on the 4th of November," Hy said.