The Vietnam Professional Football JS Company received a license Wednesday from the Hanoi Department of Planning and Investment.
It will be in charge of organizing and managing all professional football activities from the 2012 season onwards, according to the Vietnam Football Federation (VFF).
The VFF and the Hanoi People's Committee will control it in terms of football activities and finances.
The VFF is the largest shareholder with a 35.4 percent share of its chartered capital, while the 14 clubs in the topflight V-League hold 54.6 percent, and the 10 First Division clubs own the remaining 10 percent.
Its chairman, CEO, and board members will be chosen at the first general meeting to be held December 14.