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

Do you remember that night when Cong An Ha Noi stunned Adelaide United to secure a spot in the AFC Champions League Elite group stage? In that moment, an entire footballing nation seemed to awaken. But then, as the excitement faded, I found myself looking at the AFC's ranking of Asian leagues. Our position, 15th, behind even Singapore. A paradox that is hard to believe: a league touted as one of the most attractive and dramatic in the region, with four teams ready to battle until the final round, yet standing below a footballing nation much smaller in scale and potential. This is not an article to criticize or belittle the very league I have dedicated my career to following. On the contrary, this is a necessary dissection, a nudge for us to face the truth. Guangzhou taught me: money can't buy the match, but it can buy the one standing next to it. And here, the story of the V-League isn't about how much money we have, but where we are spending it and for what purpose. Let's start with the big picture. According to data from Transfermarkt, the total squad value of the entire V-League is only around 49.77 million euros. This figure places us at the bottom of the group of four leading Southeast Asian leagues. Indonesia leads with 89.2 million euros, Thailand is second with 82.23 million euros, and Malaysia also leaves us behind with 54.96 million euros. The nearly 40 million euro gap compared to Indonesia is a telling number. It shows how weak our purchasing power is in the regional transfer market. When a quality foreign player appears, Thai or Indonesian clubs can easily offer a price we cannot match, unless we accept paying exorbitant fees, creating a wage-to-revenue imbalance. But wait, don't rush to conclude that Vietnamese players are of lower quality. This difference comes from a structural factor: the number of foreign players. The V-League is currently using fewer foreign players compared to other leagues in the region. Meanwhile, in Thailand, Malaysia, or Indonesia, foreign players often command the highest transfer values, pulling the league's total value up. Limiting foreign players is a strategic choice by the VFF, aimed at prioritizing the development of domestic players. This might be good for the national team, but it inadvertently suppresses the market value of the league itself, making us a 'fertile land' for foreign clubs to exploit under-valued domestic talents. What makes the V-League attractive? It's the competition at the top. Unlike Malaysia with the absolute dominance of Johor Darul Ta'zim (JDT), or Thailand and Indonesia with their familiar two-horse races, the 2026-27 V-League season features a four-horse race with Cong An Ha Noi, The Cong-Viettel, Ha Noi FC, and Thép Xanh Nam Dinh. Four teams, four philosophies, four ambitions. This creates an incredibly attractive entertainment product on the domestic pitch. However, this fierce competition itself could be a double-edged sword. Teams tend to focus all their energy on battling each other in the domestic league, rather than allocating the best resources and preparation for continental competitions. This is the 'eating rice at home' trap that Vietnamese football has fallen into for many years. Look at history. Our clubs almost never set high goals in the AFC Champions League or AFC Cup. This lack of focus, as the analysis itself pointed out, is a historical problem. The result is that Vietnam's AFC ranking keeps slipping, leading to the loss of direct group-stage slots, reducing international exposure, and the vicious cycle continues. Meanwhile, Thailand, ranked 7th in Asia, has built a strong football ecosystem based on both high squad value and consistent performance in continental competitions. They are not just strong at home but also know how to show their class when playing abroad. So where is the way out? I believe the breakthrough must come from the continental stage itself. Cong An Ha Noi's victory over Adelaide United is an extremely positive signal. It shows that when a wealthy and ambitious club truly sets its sights on conquering Asia, they can absolutely do it. If Cong An Ha Noi and The Cong-Viettel have a successful AFC campaign in the 2026-27 season, advancing past the group stage, going deep into the knockout rounds, then Vietnam's ranking will improve significantly. This not only brings pride but also opens up opportunities to earn more competition slots, increase revenue, and most importantly, attract the attention of international media and investors. However, I also have to ask myself, am I being too optimistic? Can the success of one or two clubs truly reflect the strength of an entire league? Does pouring money into a few teams to chase continental success create sustainable development for the entire system? These are questions I don't have definitive answers to. Maybe I'm wrong in thinking that relaxing the foreign player quota is necessary. Who knows, maybe maintaining the status quo, focusing on youth development, and building a high-quality generation of domestic players is the right path, albeit slow and steady. But one thing is certain: the current stagnation is unacceptable. We cannot keep taking pride in an attractive domestic league while our position on the Asian map remains stagnant. The pandemic didn't cancel sports. It shattered the old model to make way for the swift. And now, after all the upheaval, it's time for Vietnamese football to be swifter in the race to assert its position. The question isn't 'are we good enough?', but 'are we brave enough to change?'. Look at the rankings, and ask yourself, where do we want to be in the next 5 years?