V-League: The Most Competitive Domestic League in Southeast Asia, But the Continental Pain Remains

The figure of €49.77 million – the total squad value of the entire V-League – is not just a dry number on Transfermarkt. It is a mirror reflecting a paradox: a league with the highest domestic competitiveness in Southeast Asia, yet standing last in the race for value and continental class. When I was sitting in the stands at Hang Day Stadium in the 2026 season, watching Hanoi FC beat Binh Duong 3-1 in a fiery derby, I thought Vietnamese football was on the right track. Four years later, CAHN defeated Adelaide United in the AFC Champions League Elite preliminary round, bringing a historic victory to the country's football. But when I look at the AFC rankings, we still stand 15th, behind even Singapore. I ask myself: does the fierce domestic competition truly help us reach continental heights, or is it just a curtain hiding our weakness in squad depth and tactics? The current context of the V-League is at a special stage. According to data from ASEAN Football, our league has up to 4 title contenders: Cong An Ha Noi, The Cong-Viettel, Hanoi FC, and Thép Xanh Nam Dinh. Meanwhile, Malaysia only has 1 dominant team (JDT), and Thailand and Indonesia also only have 1-2 competitive teams. This creates an incredibly attractive domestic picture, where any team can defeat an opponent on a brilliant day. But the story does not stop there. Looking deeper into the financial structure, the V-League faces a harsh reality. The total squad value of the entire league is only €49.77 million, the lowest among the 4 largest leagues in Southeast Asia. Indonesia leads with €89.2 million, Thailand ranks second with €82.23 million, and Malaysia has €54.96 million. The gap of nearly €40 million compared to Indonesia is not just a number; it is a gap in player quality, in the ability to recruit quality foreign players, and in appeal to international investors. One of the core reasons for this disparity is the regulation on the number of foreign players. The V-League uses fewer foreign players than Thailand, Malaysia, and Indonesia. This might be good for the development of domestic players, but it suppresses the market value of the league. Foreign players often carry the highest transfer values in Southeast Asian leagues, and limiting them means we are limiting our potential to increase squad value. But the problem is not just about value. The continental achievements of Vietnamese clubs remain a lingering pain. History shows that our clubs have never truly invested adequately in Asian competitions. They often rotate squads, prioritize domestic matches, and treat the AFC as an obligation. This explains why we stand 15th in Asia, while Thailand stands 7th and Malaysia 11th. I have witnessed this difference firsthand. In 2026, when Japan applied high pressing against Colombia, I wrote that they would reach the quarterfinals. But when they were overturned by Belgium, I realized I had missed the signal of declining fitness. That lesson taught me that tactics are just the tip of the iceberg, and endurance and squad depth are the submerged part that decides. The V-League is in a similar situation: we have good domestic tactics, but we lack the endurance and experience to compete at the continental level. A counter-intuitive perspective I want to offer: high domestic competition can be a double-edged sword. When there are 4 teams racing for the title, clubs tend to focus resources on beating domestic rivals, rather than building a squad strong enough to conquer Asia. This creates a vicious cycle: we invest to beat each other, but we are not strong enough to beat Thai, Malaysian, or Australian teams in the AFC. However, I could be wrong. Perhaps the intense domestic competition will create a generation of more resilient players, ready to face continental pressure. CAHN's victory over Adelaide United is a positive signal. When a wealthy, ambitious club truly sets continental goals, they can create surprises. But that needs to be replicated, not just in one club. Looking to the future, I ask: will this 2026-27 season be a turning point? CAHN and The Cong-Viettel will participate in Asian competitions. If they advance deep, the V-League could climb to 12-13 in Asia, attracting international attention and boosting market value. But if they fail early in the group stage, the 'improvement' narrative will collapse, and we will again sink into the complacency of an attractive domestic league that is mediocre at the continental level. I have lived through many World Cups, witnessing small teams make history. But I have also seen strong domestic leagues fail miserably on the international stage. The V-League has potential, but that potential is only truly unlocked when we dare to break the mold, dare to invest in the continent, and dare to accept that domestic competition is not the ultimate destination. The question is: do we have the courage to burn the old bridges and build a new path, or will we continue to be satisfied with the status of 'king at home, servant abroad'?