V-League at the crossroads: Domestic drama is thriving, but Asia remains a vast void

On the stands of Hang Day Stadium on a Saturday evening late in the season, the chant of "champions" rose from the Cong An Ha Noi supporters. Right next to them, the The Cong Viettel fans refused to sit down, as the gap between the two teams was just a lucky goal. That atmosphere lasted all season, as four teams took turns leading the standings. But when I sat down to write this article, the question I received from a Thai colleague was not about the championship trophy: "Where is the V-League on the map of Asian football?" The short answer: 15th in the continent, behind even Singapore. But the fuller answer contains so many contradictions that I feel it deserves thousands of words to explain. Because the V-League is currently home to one of the most exciting title races in Southeast Asia, while at the same time being one of the least valuable leagues among the region's top four nations. Data from Transfermarkt earlier this year showed the total squad value of the entire V-League stands at just 49.77 million euros. That figure is about 44% lower than the Indonesia Super League (89.2 million euros), 39% lower than the Thai League (82.23 million euros), and even behind Malaysia (54.96 million euros). It pushes the V-League into a modest position in the Asian league rankings, but it does not reflect the drama on the pitch. Four clubs - Cong An Ha Noi, The Cong Viettel, Ha Noi FC and Thép Xanh Nam Dinh - have created a two-horse, then three-horse, then four-horse race never seen in the history of the league. They have taken turns defeating direct rivals, making Vietnamese fans feel they are living through one of the most exciting seasons in Southeast Asia. But the V-League is standing at a crossroads. On one hand, the league shows remarkable growth in domestic competitiveness. On the other hand, Vietnamese football continues to show its weakness on the continental stage. The history of Vietnamese clubs in the AFC Champions League and AFC Cup is filled with early exits. That is not because they are weaker in terms of personnel, but because they have not really focused on this front for over a decade. Cong An Ha Noi's recent win over Adelaide United in the AFC Champions League Elite qualifying round is a rare signal that when Vietnamese clubs truly set continental goals, they can produce surprises. But that is just one match. I have followed Vietnamese football since my early days as a young reporter in Saigon, before moving to France and becoming attached to Olympique Lyonnais. I have witnessed many V-League seasons where one team dominated absolutely, and the boredom drove fans away. But this season is different. The four top clubs have similar squad quality, creating tight matches that go down to the last minute. Based on my experience following matches, I can say that this very balance is hiding a structural problem: clubs are pouring all their resources into the domestic race to the point where they no longer have enough capacity, both financially and mentally, for continental campaigns. The numbers on squad value tell a lot. With just 49.77 million euros, the V-League is the least valuable league among the top four leagues in Southeast Asia. This means Vietnamese clubs cannot compete with Thailand or Indonesia in the race to sign high-quality foreign players. They have to pay wages higher than market value to convince foreign players to come, while the league's commercial potential remains limited due to low international attention. This is a vicious circle: the league is not attractive to foreign sponsors because it has no media value, so there is no money to upgrade squads, and therefore it cannot attract attention in Asia. I want to emphasize a point that many domestic fans may not realize: the V-League's limitation on foreign players, though intended to protect domestic players, is inadvertently holding back the league's market value. In Thailand, Malaysia and Indonesia, clubs are allowed to register more foreign players, and these foreigners often carry the highest transfer values within the squad. They push up the league's total value, attract attention from European scouts, and generate revenue from transfers. The V-League, with its limited foreign player quota, has neither a pool of high-value assets nor the chance to sell players abroad for large fees. That cuts off one of the most important revenue streams for Asian football leagues. But there is an interesting paradox. This very foreign player restriction contributes to the V-League's balance and attractiveness. When each team has only a few foreign players, squad quality depends more on domestic players, and because Vietnamese players are relatively even in ability, matches become more unpredictable. The four top clubs do not have a huge gap, creating a title race that in Malaysia, Johor Darul Ta'zim has dominated almost completely for a decade; in Thailand and Indonesia, only one or two clubs truly compete for the crown. The V-League can proudly say it is the most competitive league in Southeast Asia at the top end. However, this competitiveness is a double-edged sword. When four clubs pour all resources into beating each other in the domestic league, they inadvertently create a "cannibalization" that prevents any club from becoming strong enough to shine in Asia. Look at Thai clubs like BG Pathum United or Buriram United, they can rotate their squad and maintain strength on both fronts. Vietnamese clubs often have to sacrifice one. As a result, Vietnam's AFC ranking has dropped to 15th, behind even Singapore, where football is much smaller but has strategically invested in continental competitions. Another important perspective is that the V-League is missing those high-intensity continental matches. Vietnamese players are used to the tempo of the V-League, where some matches are slower than the Asian average. When facing Australian, Thai or Korean clubs, they are often overwhelmed by the pressing intensity and ball circulation speed. This cannot be fixed just by playing well in the domestic league; it requires regular exposure to the strongest clubs in Asia. And to get that, clubs must advance past the group stage in Asia, something they rarely have done in the past. The story of Cong An Ha Noi's win over Adelaide United is a typical example. That was not a lucky victory; it was the result of a club setting clear goals and preparing thoroughly for an Asian match. They played with high intensity, pressed decisively and took their chances. This shows that if Vietnamese clubs really want to, they can compete on the continental stage. The problem is not the quality of players or tactical level, but the priority in investment strategy. When clubs still regard the V-League title as the ultimate goal and the Asian stage as merely a place to "gain experience", it is no surprise that Vietnamese football has not yet made a breakthrough. The truth is that the V-League has a historic opportunity. With four strong clubs competing, with growing fan interest and with new investments from major corporations, the league can use this momentum to reach out to the continent. But to do that, Vietnamese football managers need to change their mindset. They need to relax or adjust the foreign player rules in a reasonable way, to both ensure league quality and create market value. They need to encourage clubs to invest more heavily in Asian campaigns, not just in words but in budgets. And they need to build a long-term roadmap to help Vietnamese players get used to a higher intensity of competition. From the perspective of someone who has lived half a life in Europe and witnessed the development of many football nations, I believe the V-League has a stronger foundation than what the rankings show. The fierce domestic competition is fertile ground for creating resilient players, dramatic matches and inspiring stories. But without proper investment in the Asian arena, the V-League will forever be a beautiful garden only within its own home. Meanwhile, our rivals are spreading their branches everywhere. When I left Hang Day Stadium that night, an elderly The Cong Viettel fan said to me: "We want to see our team play against the strongest teams in Asia, even just once. Not just to lose, but to know where we stand." I wrote that down in my notebook. Perhaps that is also the question that all of Vietnamese football needs to answer in the coming years. Because the pulse of football never lies in the ball, but in the people. And the Vietnamese people are ready to go further, if given the right opportunity.