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

On a late May afternoon, I sat in front of the screen, reviewing the AFC rankings and the transfer values of Southeast Asian leagues. The numbers appeared cold, but to me, they told a long story about aspirations, strategic choices, and dreams waiting to be unearthed.

This article is not a dry summary. It is an archaeological dig into the position of the V-League – a place where I have spent over 5 years observing, documenting, and asking questions. Let us dig through three layers of sediment: regional context, value data, and finally, the people – those fighting day and night to elevate the league.

Context: Southeast Asia is transforming

Southeast Asia has never been a unified bloc in football. Each country has its own philosophy. Malaysia has Johor Darul Ta'zim (JDT) – a one-club empire dominating the domestic league. Thailand has two big clubs alternating the throne. Indonesia also has only one or two genuine contenders. But Vietnam is different. In the 2026-27 season, we have four clubs capable of competing for the title: Cong An Ha Noi, The Cong – Viettel, Ha Noi FC, and Thép Xanh Nam Dinh.

This creates a major difference. While other leagues are predictable, the V-League is a real battle. Four teams with relatively equal squads force matches to be tense until the final rounds. This is the league's biggest selling point – an attractive, unpredictable entertainment product.

But there is a paradox. This fierce domestic competition does not translate into commensurate results on the continental stage. Vietnam is ranked 15th in Asia, behind even Singapore (14th). Thailand is 7th, Malaysia 11th. This gap is not accidental.

Data: Squad value and the foreign player puzzle

According to Transfermarkt data, the total squad value of the V-League is €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 significant number.

I have followed many transfer windows and noticed something: the V-League is very active in the transfer market. Clubs spend aggressively, but the player asset value is the lowest in the region. This creates a potential imbalance. When you spend a lot but have a low asset base, you risk creating a mismatch between wages and revenue.

Part of the cause comes from foreign player regulations. The V-League uses fewer foreign players compared to Thailand, Malaysia, and Indonesia. While foreign players often carry the highest transfer values in Southeast Asian leagues, limiting their numbers drags down the league's total value. This is a strategic choice: protecting domestic players, but sacrificing financial metrics and international appeal.

Core insight: The separation between domestic competitiveness and continental performance

What I want to emphasize here is: The V-League is currently an attractive domestic product but an under-achieving continental entity. High competitiveness at the top does not automatically translate into strength in the AFC arena.

I have witnessed many Vietnamese clubs play in the AFC Champions League and AFC Cup. There is a truth rarely spoken: Vietnamese clubs historically have not truly focused on the Asian stage. They prioritize the domestic league, where revenue is stable and media pressure is lower. As a result, when they step onto the continental stage, they lack sharpness, lack experience against higher-intensity opponents.

But there is a positive signal. Cong An Ha Noi just qualified for the AFC Champions League Elite, defeating Adelaide United. This shows that when wealthy clubs truly prioritize the Asian stage, they can achieve results. The problem is not a lack of quality, but a lack of strategic priority.

Contrarian angle: Domestic competition can be a double-edged sword

We often take pride in having four clubs competing for the title. But I want to offer a different perspective. This fierce competition can cause 'internal cannibalization'. Clubs tend to focus their budget on beating domestic rivals, rather than building squads strong enough to compete in the AFC. This inadvertently maintains the gap with Thailand and Indonesia on the continental stage.

Look at Thailand. They have higher squad values, and their clubs regularly appear in the AFC Champions League group stage. This regular presence creates experience, confidence, and revenue. That is a virtuous cycle. The V-League is in the opposite cycle: high domestic competition, but lacking continental exposure, leading to lack of experience, poor results, and low rankings.

Takeaway: The road ahead

The V-League is at a crossroads. The 2026-27 season will be a crucial test. If Cong An Ha Noi and The Cong – Viettel advance deep in the Asian arena, the narrative of a rising league will be reinforced. If they are eliminated early, skepticism will return.

I believe the solution is not to hastily relax foreign player regulations. What matters more is changing the strategic mindset of clubs. They need to treat the Asian stage as part of a long-term development plan, not a casual stroll.

There are forgotten players – and I was born to dig them up. There are underestimated leagues – and I believe the V-League is one of them. But to be recognized, we need to do more than win at home. We need to prove our worth on a bigger stage.

Morocco taught me that the quietest revolution is the one no one sees. The V-League may be at the early stage of such a revolution. But that revolution will only succeed if we dare to step out of our comfort zone.

Before they were legends, they were just a name on the bench. Before it was a big league, the V-League was just a domestic one. The question is: are we ready to let that story continue?