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

Data from Transfermarkt published in mid-2026 shows the total squad value of the V-League stands at €49.77 million – the lowest among the four largest leagues in Southeast Asia. The Indonesia Super League leads with €89.2 million, the Thai League reaches €82.23 million, and the Malaysia Super League is at €54.96 million. This figure places the V-League 44% below Indonesia – a gap that cannot be explained solely by the quality of domestic players. But the paradox is that the V-League is actually the most competitive league in the region: four clubs including Cong An Ha Noi, The Cong-Viettel, Ha Noi FC and Thép Xanh Nam Dinh are all considered title contenders, while Malaysia has only Johor Darul Ta'zim, and Thailand and Indonesia have just one or two teams. So why can such an attractive league not raise its continental standing? The answer lies in a reality that many domestic fans do not want to hear: the V-League is enjoying domestic vibrancy as a closed playground, while repeated failures in the Asian arena have held back real development. The current AFC ranking places Vietnam 15th, behind even Singapore in 14th. Thailand stands 7th, Malaysia 11th. With three slots in the AFC Champions League Elite and AFC Champions League 2 allocated to Vietnamese clubs, the performances of Cong An Ha Noi and The Cong-Viettel in the 2026-27 season will not only decide the reputation of these two clubs but also shape the future ranking of the entire league. The story of the V-League's lagging behind did not start today. There was a long period when Vietnamese clubs viewed the Asian arena as an obligation rather than an opportunity. History shows that many domestic teams used to field reserve squads for AFC matches to focus on the national championship. This short-term strategy created a vicious cycle: poor results led to low rankings, low rankings made clubs lose motivation to invest, and lack of investment continued to lead to poor results. The result is a vibrant domestic league that never breaks out of the continental trough. In contrast, Thailand has built its football empire on the foundation of consistent Asian success. Buriram United and BG Pathum United not only compete in the Thai League but also regularly appear in the AFC Champions League group stage. This regular presence brings revenue from broadcasting rights, prize money, and more importantly, high-level competitive experience for domestic players. That is why the Thai League has a total squad value 39% higher than the V-League, even though the number of foreign players is not vastly different. The foreign player quota is a structural bottleneck that VPF needs to examine. The V-League currently uses fewer foreign players than the Thai, Malaysian and Indonesian leagues. This creates two contrasting outcomes: on one hand it protects development opportunities for domestic players, on the other it suppresses the total market value of the league. In a context where foreign players often carry the highest transfer prices in a squad, limiting their numbers means the V-League is self-limiting its attractiveness in the regional transfer market. Data from recent seasons shows an imbalance between spending and revenue. V-League clubs are very active in the transfer market – reflecting the ambitions of club owners – but revenue from broadcasting rights and commercial sponsorship remains limited. When a league has a low total squad value but high spending levels, the risk of a wage bubble is enormous. Clubs may have to pay wages higher than actual value to compete for signatures with Thai or Indonesian rivals – a form of panic premium that the Asian market has witnessed many times. The story of Cong An Ha Noi in this season's AFC Champions League Elite is a notable signal. The victory over Adelaide United in the qualifying round not only brought the first points for Vietnamese football in the continent's most prestigious arena but also proved a point: when Vietnamese clubs truly prioritize Asian goals, they can compete with teams from Australia and stronger football nations. The problem is not player quality but strategic priority. For many years, Vietnamese clubs chose to invest in domestic squad depth rather than building squads capable of competing on two fronts. The presence of four title contenders in V-League 2026-27 creates a rare phenomenon in the region. Malaysia has grown accustomed to the absolute dominance of Johor Darul Ta'zim, Thailand usually has only one or two teams competing for the crown. But the V-League with four clubs of equal quality creates an exciting race where every round can change the landscape. This provides high entertainment value for domestic audiences, but simultaneously creates a trap: clubs may pour all resources into beating domestic rivals, neglecting the Asian goal. Fierce internal competition can lead to a self-cannibalization of resources. When four top clubs all spend heavily to win the national championship, they may not have enough budget left to build squads deep enough for Asian matches. This is a paradox that VPF needs to recognize: the more balanced a league is, the harder it is for clubs to invest in the continental arena, because the risk of losing the domestic title is too great. The V-League transfer market is witnessing a reverse flow: domestic players are valued lower than their actual value in the regional market. When a Vietnamese player is valued at €500,000 on Transfermarkt but performs well in the AFC Champions League Elite, Thai and Indonesian clubs will immediately target him. They can pay a fee higher than the assessed value but still far below the actual value of that player if he wore a Thai club shirt. This turns the V-League into a cheap talent supplier for the region. The question is: can the V-League break this vicious cycle? The answer depends on three factors. First, the performances of Cong An Ha Noi and The Cong-Viettel in this season's AFC Champions League. If one of them advances past the group stage, Vietnam's AFC ranking will improve significantly, opening more competition slots and attracting international media attention. Second, VPF's decision on the foreign player quota. Relaxing the quota could increase the total market value of the league, but could also cost domestic players their positions. Third, the league's commercialization capacity. If the V-League can increase revenue from broadcasting and sponsorship, clubs will have more budget to invest in both fronts. Looking at Thailand, we see a successful model that the V-League can learn from. The Thai League not only has a higher squad value but also a significantly larger international audience. Buriram United matches attract millions of views from across Asia, generating substantial advertising and broadcasting revenue. This success comes from their persistent investment in the Asian arena over a decade. They accepted defeats in the early years to accumulate experience, and gradually built a squad capable of competing at the continental level. The V-League needs a similar strategy. Instead of treating the AFC Champions League as a burden, Vietnamese clubs need to see it as an opportunity to enhance brand value and player value. Every match in the continental arena is a chance for young players to perform in front of international scouts. Every goal against a stronger opponent is a statement that Vietnamese football does not stop at Southeast Asia. The event of Cong An Ha Noi advancing past the AFC Champions League Elite qualifying round is a psychological turning point. It shows that Vietnamese clubs can compete with teams from Australia, Japan and South Korea if they prepare properly. But a single victory is not enough to change the landscape. Consistency over multiple seasons is needed. Persistent investment in youth academies is needed. And a change in the mindset of club owners is needed – they must understand that success in Asia is the true measure of Vietnamese football's development. In the meantime, Vietnamese fans can be proud of an attractive domestic league with four clubs of equal quality. The fierce competition in the V-League creates dramatic matches, spectacular comebacks and new stars constantly emerging. But the biggest question remains: can this vibrancy be converted into continental success? Can the V-League escape 15th place in Asia and rise into the top 10 leagues? The answer will be written in the coming months, as Cong An Ha Noi and The Cong-Viettel enter the AFC Champions League group stage. If they succeed, Vietnamese football will open a new era. If they fail, the vicious cycle will continue. But whatever the outcome, it is time for us to view the V-League not just as a domestic playground but as a representative of Vietnamese football on the continental map. Because ultimately, a league cannot live forever in the shell of internal vibrancy – it must prove its value on the international stage.