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

That night at the home stadium, when the final whistle confirmed CAHN's victory over Adelaide United, I was reminded of an old verse: "The ball rolls through my years, and I record it in rhyme." But tonight, I am not just recording a win. I am recording a moment that Vietnamese football has been waiting for - an answer to the question generations of fans have always asked: Where does the V-League truly stand on the map of regional and continental football? The truth we need to face is a picture full of contrasts. The V-League is currently enjoying one of the most attractive seasons in Southeast Asia with four teams competing for the title, yet the total squad value of the league stands at only €49.77 million - the lowest among the four major leagues in the region. Indonesia leads with €89.2 million, Thailand follows with €82.23 million, and even Malaysia surpasses us with €54.96 million. The nearly €40 million gap with Indonesia is not just dry numbers on a spreadsheet; it reflects a painful reality: we are falling behind in the race to attract talent and investment. But let us look at the positive side. Four teams including CAHN, The Cong-Viettel, Hanoi FC, and Thép Xanh Nam Dinh are creating one of the most dramatic title races in the league's history. While Malaysia has only one dominant JDT, Thailand and Indonesia have only one to two competing teams, the V-League witnesses four powers battling it out. This creates an irresistible appeal for fans - every round is a final, every derby carries the breath of a life-or-death struggle. Based on my experience following matches over the years, I can confidently say that this fierce competition is the only thing keeping spectators coming to stadiums amid the modest squad values. However, there is a paradox that few dare to voice: high domestic competition has never equated to continental strength. Vietnam is ranked 15th in Asia on the AFC rankings, lower than even Singapore (14th) and far behind Thailand (7th) or Malaysia (11th). This shows a serious disconnect between the quality of the domestic league and international performance. Vietnamese clubs for many years have not truly focused on the Asian stage - a fact that regional media has repeatedly pointed out. We invest in beating domestic rivals rather than building squads capable of competing on a bigger stage. Another important blind spot that analysts often overlook is the foreign player quota regulation. The V-League currently uses fewer foreign players compared to Thailand, Malaysia, and Indonesia. This may be a strategy to protect domestic players, but it inadvertently suppresses the league's market value. In Southeast Asian football, foreign players often carry the highest transfer prices. Limiting their numbers means we are self-restricting our ability to raise squad values and attract international market attention. This is a deliberate trade-off, but does it truly bring long-term benefits to the development of Vietnamese football? I remember an evening in Japan, watching J-League clubs compete in the AFC Champions League, and realizing that the biggest difference lies not in technique or tactics, but in the habit of playing at high intensity in an international environment. Vietnamese clubs often appear hesitant and lacking confidence when stepping onto the Asian stage - not because of a lack of talent, but because of a lack of experience. This explains why CAHN's victory over Adelaide United carries such significant meaning. It shows that when Vietnamese clubs truly set their sights on the Asian arena, they are fully capable of creating surprises. But the biggest question remains: are we on the right track? The active transfer market in recent times is a positive signal, but it also carries risks. When a league with low squad values experiences bustling transfer activity, the risk of wage inflation is significant. Clubs may be overspending to catch up with domestic rivals, while commercial and broadcasting revenues have not kept pace. This is a delicate equation that club management and the VPF need to calculate carefully. Looking to the future, I believe the V-League stands at a historic crossroads. If CAHN and The Cong-Viettel can deliver impressive performances in the AFC Champions League Elite and AFC Champions League Two during the 2026-27 season, the narrative of a rising league will be reinforced. Conversely, if they are eliminated early, a wave of criticism could arrive and destroy the positive image-building efforts of recent times. Expectations are weighing heavily on the players' shoulders, but that is also the motivation for them to push beyond their limits. Applause in an empty stadium, I hear it clearer than the waves. The V-League may not yet be a wealthy league, but it possesses something not every league has: fierce competition and the burning passion of its fans. The question is whether we can transform these intangible values into tangible strength on the continental stage. When the freelance payment dwindles, I remember I still have a poor store of words - but I will still write, still wait, still believe that one day, Vietnamese football will find its rightful place on the map of Asia.