The question of efficiency and sustainability?

VHO - Nam Dinh Green Steel has made headlines after being ranked among the top 10 most valuable clubs in Asia (in the AFC Champions League 2) by Transfermarkt. With a total squad value of 9.21 million euros, the team from Nam Dinh is in the same group as big names like Al-Nassr, Al-Wasl, Gamba Osaka, and Pohang Steelers.

Nam Dinh is currently basking in glory, but to secure a stable future, they must solve the problem of becoming self-sustaining. Photo: VPF

This signals the rise of a new force, but it also raises the question: Will spending huge sums of money to buy "stars" yield long-term results? And more broadly, the story of Quang Nam having to withdraw when their owner stopped investing serves as a wake-up call for Vietnamese football as a whole.

The problem has no answer yet.

Transfermarkt ranks Nam Dinh 9th in the list of most valuable squads in the AFC Champions League 2, and also leads the V.League 2025/26 with a total value of 9.21 million euros. To achieve this position, the team from Nam Dinh has made a big investment, including 9 foreign players on their roster, 5 of whom are new to the club. The team also currently has players who have previously competed in top European leagues.

Notably, goalkeeper Caique (valued at 800,000 euros), midfielder Njabulo Blom (950,000 euros), and South African striker Percy Tau (who previously played for Brighton in the Premier League) are valued at 1 million euros. These are rare signings in the V.League in terms of both value and impact.

Furthermore, Nam Dinh has maintained 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 Nam Dinh aims not only to defend its domestic title but also to advance deep into the AFC Champions League 2. This investment yielded immediate success: in the 2023/24 season, Nam Dinh won the V.League championship for the first time in decades, creating a historic turning point.

However, the question of effectiveness cannot be answered immediately. Being drawn into Group F with strong opponents like Gamba Osaka (Japan) and Ratchaburi (Thailand) will be the real test. Last season, despite recruiting many new players, Nam Dinh still failed to make an impact on the international stage.

The history of the V.League also shows that many "big spenders" have invested heavily but haven't necessarily achieved the results they deserve. Money can increase competitiveness, but success also depends on stability, cohesion, and a long-term strategy.

On the positive side, Nam Dinh's extravagant spending has contributed to raising the overall value of the league. For the first time, the V.League 2025/26 will surpass the €52 million mark in total squad value, an increase of nearly €10 million in just one season. These "blockbuster" signings not only improve the professional quality of the league but also make it more attractive to spectators and sponsors.

However, such massive spending also necessitates a commensurate financial plan. Relying solely on the owner's money without a foundation of financial independence carries a high risk of failure.

Sustainable development and lessons from Quang Nam

While Nam Dinh is basking in its glory, Quang Nam FC has left a somber note by unexpectedly withdrawing just before the start of the new season. Once the V.League champions of 2017, the team from Quang Nam disbanded quietly, without any official announcement.

The root cause is the excessive reliance on a single source of funding. When the owner stops providing money, the club immediately becomes paralyzed because it lacks the revenue from ticket sales, commercial sponsorships, or television rights to sustain operations.

The consequences of Quang Nam's withdrawal from the league were severe. Hundreds of players, coaches, and staff lost their jobs overnight. The VPF had to "put out the fire" by appointing PVF-CAND as a replacement, disrupting the schedules and plans of other clubs. In terms of image, this was a major blow to the prestige of the V.League, as a professional team could disappear in an instant. This made sponsors and international partners more hesitant to consider long-term partnerships.

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

To avoid a recurrence of such tragedies, the V.League needs to tighten financial discipline. Some possible solutions include requiring clubs to deposit mandatory financial funds before the season, increasing penalties for clubs withdrawing from the league, and closely monitoring the implementation of professional club licensing criteria.

Simultaneously, football clubs must proactively build a sustainable development model by investing in youth training, developing academies, exploiting broadcasting rights, selling tickets and jerseys, and expanding their sponsorship network. This is the path to long-term sustainability for clubs, instead of relying solely on the financial resources of a single owner.

The story of Nam Dinh demonstrates the power of significant investment: from struggling to avoid relegation, they rose to become V.League champions and entered continental competitions with a squad worth millions of euros. However, the case of Quang Nam serves as a wake-up call, highlighting that even a national champion team can disintegrate without 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 may yield immediate results, but this must be accompanied by professionalism in management, finance, and policy. The V.League will only truly reach its full potential when clubs learn to be self-sustaining, and the organizing committee creates a fair, transparent, and accountable system.

Nam Dinh is a testament to the aspiration to reach new heights, but they and Vietnamese football as a whole need to answer the most important question: Beyond the "expensive" glamour, what truly constitutes the foundation for long-term success?

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