Effective problem and sustainable lesson?

This is a signal of the rise of a new force, but also raises the question: Will spending a lot of money to buy "stars" bring long-term results? And looking more broadly, the story of Quang Nam having to withdraw when the owner stopped investing is a wake-up call for the entire Vietnamese football industry.

Unanswered problem

Transfermarkt ranked Nam Dinh 9th in the list of most valuable squads in AFC Champions League 2, and also leading the V.League 2025/26 with a total value of 9.21 million euros. To achieve this position, the team from Nam Dinh "played big", they have 9 foreign players on the list, of which 5 have just joined the club. This team also has names that have competed in top European tournaments.

Notably, goalkeeper Caique (valued at 800,000 euros), midfielder Njabulo Blom (950,000 euros) and South African striker Percy Tau (who used to play for Brighton in the Premier League) are valued at 1 million euros. These are rare contracts in the V.League in terms of value and influence.

In addition, Nam Dinh still maintains a core of experienced domestic players, combined with a generation of young players eager to prove themselves. Under the guidance of coach Vu Hong Viet, the team from Thanh Nam aims to not only defend the domestic throne but also advance deep into the AFC Champions League 2. This investment brings immediate success, in the 2023/24 season, Nam Dinh won the V.League for the first time in decades, creating a historic turning point.

However, the question of efficiency cannot be answered immediately. Falling into group F with strong opponents such as Gamba Osaka (Japan) and Ratchaburi (Thailand) will be the real measure. Last season, despite recruiting many new players, Nam Dinh still failed to make an impression in the international arena.

The history of V.League also shows that many "big guys" invest heavily but do not necessarily reap worthy achievements. Money can help increase competitiveness, but success also depends on stability, cohesion and long-term strategy.

The positive point is that Nam Dinh's spending has contributed to increasing the value of the entire tournament. V.League 2025/26 for the first time exceeded the 52 million euro mark in total squad value, an increase of nearly 10 million euros after just one season. The "blockbuster" contracts not only improve professional quality, but also help V.League become more attractive to audiences and sponsors.

However, huge spending also requires a corresponding financial plan. If you only rely on the boss's pocket without a foundation of independence, the risk of failure is entirely possible.

Sustainable development and lessons from Quang Nam

While Nam Dinh is enjoying its glory, Quang Nam FC left a sad note when it suddenly withdrew right before the new season. Once the 2017 V.League champion, the Quang Nam team quietly disbanded without any official announcement.

The root cause is over-reliance on a single source of funding. When the owner stops spending money, the club is immediately paralyzed because there is no revenue from ticket sales, commercial sponsorship or television rights to maintain operations.

The consequences of Quang Nam’s withdrawal from the tournament were severe. Hundreds of players, coaches, and staff lost their jobs overnight. VPF had to “put out the fire” by replacing PVF-CAND, disrupting the match schedule and plans of other clubs. In terms of image, this was a heavy blow to the reputation of V.League, when a professional team could disappear in an instant. This made international sponsors and partners more hesitant when considering long-term commitment.

This problem is not new. Experts have repeatedly warned that Vietnamese football has been operating under the “boss-supporting-team” model for too long. The lack of diversification of revenue sources, the lack of a 3-5 year financial plan and the lack of a strict monitoring mechanism have resulted in the club easily collapsing when the cash flow is cut off. Quang Nam is just the most typical example, but in reality many other football teams are also struggling in a similar situation.

To avoid such tragedies, V.League needs to tighten financial discipline. Some solutions that can be considered include requiring clubs to make mandatory financial deposits before the season, increasing sanctions for those who withdraw from the tournament and closely monitoring the implementation of professional club licensing criteria.

At the same time, football teams must proactively build a sustainable development model by investing in youth training, developing academies, exploiting copyrights, selling tickets, selling jerseys and expanding the sponsorship network. This is the way to help the club survive in the long term, instead of relying on the wallet of a "boss".

The story of Nam Dinh shows the power of heavy investment, from a place that was used to struggling to stay in the league, they rose to the V.League throne and stepped into the continental arena with a squad of players worth millions of euros. But the case of Quang Nam is a wake-up call that a team that has won the national championship can still fall apart if it lacks a solid financial foundation.

For Vietnamese football to develop sustainably, we need a balance between short-term ambitions and long-term strategies. Investing in star players can bring immediate effects, but in parallel there must be professionalism in management, finance and policy. V.League will only truly reach new heights when clubs learn to support themselves, and the Organizing Committee creates a fair, transparent and accountable mechanism.

Nam Dinh is a testament to the desire to reach new heights, but they and Vietnamese football need to answer the most important question: After the "expensive" halo, what is the foundation for long-term success?

Source: https://baovanhoa.vn/the-thao/bai-toan-hieu-qua-va-bai-hoc-ben-vung-162483.html