Where Does Vietnam’s V-League Stand on Southeast Asia’s Football Map?

Vietnam’s V-League is preparing for a new season with a modest transfer-market valuation but an unusually crowded race for the title.

The 2026-27 season will feature 14 teams, the same number as last season, and run from September 2026 through May 2027. That is fewer clubs than the top leagues in Thailand and Indonesia, but two more than Malaysia’s Super League.

Transfermarkt values the full V-League player pool at 49.77 million euros. That places it behind Malaysia’s 54.96 million euros, Thailand’s 82.23 million euros and Indonesia’s 89.2 million euros. The figures reflect the market appeal of the players, particularly foreign signings, but they do not by themselves prove that the Vietnamese competition is of lower quality.

One reason for the lower valuation is that Vietnam uses fewer foreign players than Thailand, Malaysia and Indonesia. The league has not yet attracted as much international market attention as its regional rivals, a limitation it will need to address in the coming years.

Competition, however, gives the V-League a stronger case. ASEAN Football expects at least four clubs, The Cong-Viettel, Cong An Ha Noi, Hanoi FC and Thep Xanh Nam Dinh, to challenge for the championship. Indonesia and Thailand have only one or two clubs viewed as capable of winning the title, while Malaysia’s league remains dominated by Johor Darul Ta’zim.

The V-League has also improved its television presentation, public recognition, stadium attendance and organization in recent years. It still ranks outside the top 105 national leagues in the latest Global Football Ranking update, and the Malaysian, Indonesian and Thai leagues also missed that group. Even so, the Vietnamese league is presenting itself as a more competitive and increasingly visible product in the region.