Vietnamese Football: New Investment Wave and the Sustainable Development Equation

When the opening whistle at Thong Nhat Stadium echoed on a late weekend evening, none of the 15,000 spectators present knew they were witnessing one of the most important matches of the 2026 V.League season. The home team, Ho Chi Minh City FC, hosted defending champions Cong An Ha Noi in a match expected to shape the title race. But few realized that this very moment marked the beginning of a much larger debate about the future of Vietnamese football. The match ended in a 1-1 draw, but the notable aspect was not the result. In the stands, away fans held up a banner reading: "Football is not a business game." This was a direct response to news that Cong An Ha Noi had just recruited striker Nguyen Van Quyet from Ha Noi FC for a record transfer fee of 40 billion VND, accompanied by a monthly salary of 500 million VND. This figure is five times the average income of a V.League player, and ten times the salary of a garment worker in Binh Duong industrial zone. According to VPF data, the average operating cost of a V.League club is approximately 80 billion VND per season. Meanwhile, average revenue from ticket sales, broadcast rights, and sponsorship reaches only about 30 billion VND. This 50 billion VND gap is filled by the personal funds of business owners. But the question arises: is this model sustainable? Over the past five years, four V.League clubs have had to dissolve or sell their teams due to financial pressure. Sai Gon FC, who finished runner-up in V.League 2026, officially dissolved in November 2026 after their main sponsor withdrew. Long An FC, one of the most traditional clubs in the Mekong Delta, was relegated and subsequently announced cessation of operations due to lack of funding. Statistics from the 2026 season reveal a concerning reality: total player wages account for up to 70% of total operating costs at V.League clubs. In leading European leagues, this figure ranges only from 50-60%. This creates a difficult equation: when revenue does not grow, clubs are forced to cut costs in other areas such as youth development, medical care, or even infrastructure. However, viewed from another angle, the new wave of investment also brings positive signals. Cong An Ha Noi has built a modern youth academy with a budget of 200 billion VND in Hoa Lac. Becamex Binh Duong, backed by Becamex IDC Corporation, has invested 150 billion VND to upgrade its youth football training center. This shows that investors are not only concerned with short-term results but also oriented toward long-term development. Based on my experience following Vietnamese football for over 10 years, I have noticed one thing: the most successful clubs are not those that spend the most money, but those with clear development strategies. Ha Noi FC, although not the biggest spender, maintains its top position thanks to a systematic youth training system. They have produced talented players like Nguyen Quang Hai, Do Hung Dung, and currently Pham Tuan Hai - who have become pillars of the national team. Data from the 2026 season shows that players under 23 years old account for 35% of all players competing in V.League. This is the highest rate in 10 years. This reflects the trend of clubs increasingly trusting young talent, partly due to financial pressure, but also because the quality of youth training has improved significantly. However, major challenges remain. Vietnam's football infrastructure still has many limitations. According to VFF statistics, the country has only 12 stadiums meeting international standards, while Thailand has 24 and Indonesia has 18. Thong Nhat Stadium, one of Vietnam's largest venues, was built in 2026 and has severely deteriorated. The solution to this problem lies not only in increasing budgets, but also in improving management mechanisms. VPF is considering implementing financial control regulations similar to UEFA's Financial Fair Play (FFP). Under the proposal, each club would have to ensure that the wage cost ratio does not exceed 65% of revenue. If approved, this regulation would take effect from the 2026 season. Looking to the future, I believe Vietnamese football stands at an important crossroads. If we continue chasing a reckless spending race, we will witness more clubs collapse like Sai Gon or Long An. But if we can transform investment resources into a foundation for sustainable development, Vietnamese football can certainly rise to regional prominence. The question is not "how much money will the owners spend," but "how will they spend it." Numbers don't lie, but the people providing them might. And in football, the most important thing is not how much money you have, but how you use it. Football is not just 90 minutes on the pitch. The most important part lies off the pitch, where financial, strategic, and governance decisions are made. And that is where I am focusing.