Where is the V-League on the map of Southeast Asian and Asian football?

Hang Day Stadium was still packed on the weekend, drums echoing endlessly. But when I looked at the AFC rankings, one number made me pause: Vietnam stood 15th, behind even Singapore. Meanwhile, Thailand ranked 7th, Malaysia 11th. I asked myself: how can a league with 4 title contenders, described as 'attractive and dramatic,' fail to rise on the continental stage?

This article is not meant to belittle the V-League. On the contrary, I want to face the truth to find the way forward. Based on data from Transfermarkt and AFC, I will analyze the league's true position, the strengths we are overlooking, and the structural barriers holding back development.

The Big Picture: Squad Value and Competitiveness

According to Transfermarkt data, the total squad value of the V-League is estimated at €49.77 million. This is significantly lower than Indonesia (€89.2 million), Thailand (€82.23 million), and Malaysia (€54.96 million). The gap with Indonesia is nearly €40 million – a substantial number.

But here's the interesting part: the V-League has the most intense top-group competition in Southeast Asia. Four clubs – Cong An Ha Noi, The Cong-Viettel, Ha Noi FC, and Thép Xanh Nam Dinh – all have title-winning potential. Meanwhile, Malaysia has only Johor Darul Ta'zim (JDT) dominating, while Thailand and Indonesia have just 1-2 competitive teams.

From my experience following matches, this balance at the top creates fierce contests where tactics and mentality are put to the test. No team can afford complacency, and that makes the V-League uniquely attractive.

Why Is Squad Value Low?

There are three main reasons for the V-League's modest squad value.

First, the limited number of foreign players. The V-League uses fewer foreign players compared to Thailand, Malaysia, and Indonesia. In the transfer market, foreign players often carry the highest values. Limiting their numbers inadvertently reduces total squad value, even though it may create development opportunities for domestic players.

Second, low international market attention. The V-League is not in the top 105 global leagues. This means international sponsors and major media outlets have not truly engaged, limiting commercial revenue.

Third, continental results have not matched expectations. Vietnamese clubs historically have not invested adequately in Asian competitions. This leads to a low AFC ranking, reducing the league's international appeal.

Tactical Blind Spot: The Gap Between Domestic and Continental

Many believe the V-League is attractive because of its high competitiveness. But I see a paradox: fierce domestic competition has not translated into continental success.

Vietnamese clubs often lack experience against opponents with higher tempo and intensity, such as Thai, Malaysian, or Australian clubs. This 'unfamiliarity' with the AFC environment makes adaptation difficult, leading to poor results.

However, Cong An Ha Noi's recent victory over Adelaide United in the AFC Champions League Elite qualifiers is a notable signal. It shows that when wealthy clubs truly prioritize continental goals, they can achieve results. The issue lies in budget allocation priorities, not player quality.

Contrarian View: Domestic Competition Can Be a Double-Edged Sword

We often pride ourselves on having 4 title contenders in the V-League. But I believe this may inadvertently create 'internal cannibalization.' Clubs tend to focus their budgets on beating domestic rivals rather than building squads strong enough to compete in the AFC. As a result, the gap between domestic and continental football widens.

Another blind spot: an active transfer market with low squad value. This suggests clubs are spending aggressively, but commercial revenue is not keeping pace. If owners withdraw funding, the market could collapse at any moment.

Signals from the Dressing Room: Expectations Fall on CAHN and The Cong-Viettel

In the 2026-27 season, Cong An Ha Noi and The Cong-Viettel will represent Vietnam on the continental stage. Their performance will directly determine Vietnam's AFC ranking in the future. If both teams advance past the group stage, the narrative of a rising league will be reinforced. Conversely, failure will trigger a wave of criticism that could drown all investment efforts.

I have witnessed many Southeast Asian clubs rise by seizing opportunities in the AFC. Thailand has done it. Malaysia is also on an upward trajectory. Vietnam has the potential, but needs a long-term strategy rather than fragmented steps.

Conclusion: The Road Ahead

The V-League stands at a critical crossroads. The league possesses one of the most attractive domestic competitions in the region, yet lacks continental success. To truly rise, we must honestly confront structural limitations: foreign player regulations, AFC investment strategy, and the balance between domestic development and international integration.

The question is not 'Is the V-League good or not,' but 'How much are we willing to change to reach the continental level?' The answer will come from the performances of CAHN and The Cong-Viettel in the coming season. And I will be there, recording every moment, because an empty stand does not make a team disappear – it only turns applause into a memory.