VBA CreateObject("System.Text.UTF8Encoding") Automation Error at runtime

[patkim]

A simple Excel VBA code like

Dim asc As Object
Set asc = CreateObject("System.Text.UTF8Encoding")

Gives run time Automation Error -2146232576 (80131700)

Anyone knows the fix please help. The further Err details are like
Err.Number -2146232576
Err.Source VBAProject
Err.Description Automation Error
Err.HelpContext 1000440

Thanks.