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

I was at Thong Nhat Stadium on an August evening in 2026, when Cong An Ha Noi (CAHN) defeated Adelaide United to qualify for the AFC Champions League Elite group stage. It was a historic victory, but I could not help recalling the numbers I have recorded over 40 years of following Vietnamese football. The ball does not lie, but the writer can. And today, I want to talk about the real position of the V-League, not through emotion, but through verified numbers. When I started writing about Vietnamese football in the 1980s, this league was just a small playground in the region. But now, the V-League has 4 title contenders: CAHN, The Cong-Viettel, Ha Noi FC, and Thép Xanh Nam Dinh. This creates a rare appeal in Southeast Asia, where Malaysia only has Johor Darul Ta'zim (JDT) dominating, while Thailand and Indonesia have only 1-2 teams competing for the title. However, this internal competition does not reflect the league's true standing on the international stage. Data from Transfermarkt shows that the total player value of the V-League is only 49.77 million euros, the lowest among the four largest leagues in Southeast Asia. Indonesia leads with 89.2 million euros, Thailand reaches 82.23 million euros, and Malaysia has 54.96 million euros. The gap between the V-League and Indonesia is up to 39.43 million euros, meaning the V-League is only about 56% of the value of the Indonesian league. This is an alarming figure, but it also reflects a structural reality: the V-League uses fewer foreign players than other leagues in the region. I witnessed my home team relegated in 2026, and I understand that the truth does not need embellishment. Looking at the AFC rankings, Vietnam stands 15th in Asia, behind even Singapore (14th). Thailand is 7th, Malaysia 11th. This means that the vibrant internal competition of the V-League does not produce commensurate results on the continental stage. Vietnamese clubs have historically never truly focused on Asian competitions, and this has dragged down the entire league's ranking. But I am not writing to criticize. I am writing to analyze. Numbers tell part of the story; the rest lies in mud-stained boots. When I followed CAHN's matches in the AFC Champions League Elite, I saw a clear difference in speed and intensity compared to V-League matches. Vietnamese teams are accustomed to a slower pace, less pressure, and when facing opponents from Australia, Thailand, or Japan, they are often overwhelmed. This is not a problem of player quality, but a problem of adaptation to the high-level competitive environment. One of the views I have always held throughout my career is that possession percentage is the most deceptive metric in football. Many teams can grind out 60% possession with meaningless sideways passes, but that does not create scoring opportunities. The V-League may have exciting matches with many goals, but if we look at advanced metrics like xG (expected goals) or PPDA (passes per defensive action), we will see a different picture. I do not have xG data for the V-League in this article, but I can infer from squad structure and international results. The truth is, the V-League is in a paradoxical situation. The league has the highest internal competitiveness in Southeast Asia, with 4 teams capable of winning the title, but it has the lowest transfer value and the worst continental ranking among the major leagues. This raises a big question: why can such an attractive league not produce strong teams on the continental stage? The answer may lie in investment strategy. V-League clubs often focus their budgets on beating domestic rivals, rather than building squads capable of competing in the AFC. This creates a vicious cycle: the team lacks international experience, so it cannot compete in the AFC, leading to a low ranking, and the low ranking gives them even fewer opportunities to participate in continental competitions. I have seen this repeat over 40 years. But there is a positive signal. CAHN's victory over Adelaide United shows that when Vietnamese clubs truly invest and focus on the continental stage, they can achieve results. This means that the V-League's weakness in the AFC is not a problem of player quality, but a problem of strategic priority. If CAHN and The Cong-Viettel can go deep in the AFC Champions League Elite and AFC Champions League 2 in the 2026-27 season, Vietnam's ranking could improve significantly. However, I must also warn about another risk. The V-League transfer market is very active, but the value of player assets is low. This could lead to wage inflation, as clubs have to pay higher salaries than the actual value of players to compete with regional rivals. If commercial revenue does not grow correspondingly, clubs could fall into financial imbalance. I have witnessed many clubs in Asia collapse due to overspending in transfer windows. Another structural issue is the foreign player regulation. The V-League uses fewer foreign players than Thailand, Malaysia, and Indonesia. This may be good for the development of domestic players, but it also reduces the league's transfer value, because foreign players often carry the highest market prices. If the VFF wants to increase the value of the V-League, they may need to consider relaxing this regulation. But that is a difficult decision, as it could affect the playing opportunities of young Vietnamese players. I remember 2026, when I witnessed the retirement of the legendary goalkeeper of the Vietnamese national team. He won 28 championships with his club, but never had the chance to play in a truly continental competition. That was a waste of talent. Today, young players like Nguyen Quang Hai or Nguyen Tien Linh have greater opportunities, but they still lack high-level matches to develop. If the V-League cannot improve its position, these talents will continue to be limited. I am not a data skeptic. In fact, I only trust what I see on the pitch. And what I see on the pitch is a league with great potential, but held back by strategic choices. V-League clubs need to change their mindset: instead of only focusing on beating domestic rivals, they need to build squads that can compete in Asia. This requires long-term investment, not only financially but also in infrastructure, youth training, and tactics. One of the blind spots I see in Vietnamese football managers is that they often focus too much on immediate results. They want the national team to win immediately, they want clubs to win the title immediately, but they do not invest enough in sustainable development. I have seen this in many Asian countries, and Vietnam is no exception. But I have also seen countries like Japan and South Korea rise through patience and long-term strategy. From the desk to the pitch is a long journey; every step requires belief in oneself. I have spent 40 years following Vietnamese football, and I believe this league can rise. But to do that, fundamental changes are needed. First, clubs need to treat continental competitions as an opportunity for development, not a burden. Second, the VFF needs to reconsider the foreign player regulation to increase the league's competitiveness and value. Third, there needs to be a sustainable development strategy, not chasing immediate achievements. I also want to talk about the role of player agents. In the transfer market, agents often create unnecessary noise, distorting the true value of players. I have seen many cases where a player with a real value of 500,000 euros is inflated to 2 million euros by an agent, leading to irrational contracts. The V-League needs stricter regulations on agent activities to protect the health of the market. Looking at the overall picture, I see the V-League at an important crossroads. If it continues with the current approach, the league will maintain its internal appeal but will continue to lag behind Thailand and Indonesia. If there are proper strategic changes, the V-League can become one of the leading leagues in Southeast Asia, and even rise to the top 10 in Asia. But that requires determination and vision from all stakeholders. I will end this article with a question: do we have the courage to face the truth about the V-League's position, and the patience to build a better future? I believe the answer is yes, but only if we stop embellishing and start acting. News can wait, but the truth must never be delayed. And the truth is, the V-League stands 15th in Asia, with the lowest transfer value among the major Southeast Asian leagues. That is our starting point. From this starting point, we can go up or down. I choose to believe in going up, but I will also never stop recording the numbers to verify that.