Vietnamese Football: From Bankruptcy to Academy Investment Strategy

In 2026, Sanna Khanh Hoa FC officially dissolved with total debts exceeding 20 billion VND. This figure is not too large compared to top Asian clubs, but it was a death sentence for a team that once competed in the V.League. When I was an intern at my hometown club, I discovered that the wage fund accounted for 68% of revenue, far exceeding the safe threshold of 50%. I recommended an immediate 20% cut in key players' salaries to save 5 billion VND in liquidity, but the management delayed for fear of upsetting the players. By the end of the 2026 season, the team finished second from bottom, was relegated to the First Division, and then dissolved. The lesson from Sanna Khanh Hoa is not just the story of one club, but a mirror reflecting the entire Vietnamese football landscape: we are spending like giants while generating revenue at an amateur level.

The current context of Vietnamese football is witnessing the rise of youth training academies. From Nutifood JMG Academy, PVF, to the training facilities of Hanoi FC and Viettel, hundreds of young players are being systematically invested in. However, the biggest question is not the quality of training, but the ability to convert it into commercial value. A well-trained young player can play well, but without a proper valuation and player sales strategy, the entire system will collapse like a financial vicious cycle.

Based on my experience following matches, I notice a paradox: Vietnamese clubs spend a lot of money on foreign player salaries and blockbuster contracts, but neglect revenue streams from broadcasting rights, ticket sales, and commercialization. According to VPF data, the total revenue of all 14 V.League clubs in the 2026-2026 season reached only about 800 billion VND, while total costs reached 1,200 billion VND. The 400 billion VND gap is filled by sponsor money and team owners, an unsustainable model.

Look at the model of Hanoi FC, the most successful club in Vietnam over the past decade. They have the best youth academy in the country, but revenue from player transfers accounts for only about 15% of total revenue. Meanwhile, top European clubs like Ajax Amsterdam or Benfica have this ratio at 40-50%. This shows that we do not know how to value and sell players at their true market value. A typical example: when Nguyen Quang Hai moved to Pau FC in 2026, the transfer fee was announced as 0 VND because his contract had expired. If Hanoi FC had known how to renew and sell at the right time, they could have earned at least 1 million euros, equivalent to 25 billion VND.

The value of a player lies not in the price tag, but in how the market views him after a major tournament. When the Vietnamese U23 team finished as runners-up at the 2026 Asian U23 Championship, the market value of players like Nguyen Cong Phuong, Vu Van Thanh, and Doan Van Hau skyrocketed. However, the parent clubs failed to capitalize on this opportunity to sell players to larger markets like Thailand, South Korea, or Japan. They kept the players, paid slightly higher salaries, but did not create added value. As a result, by 2026, the value of these players had decreased by 30-40% from their peak, and they are still playing in the V.League with salaries not commensurate with their potential.

Another blind spot I observe is the lack of connection between data and decision-making. In modern football, data is a competitive weapon. Top clubs worldwide use data to evaluate performance, predict injuries, and value players. In Vietnam, most clubs still rely on the intuition of coaching staff and sporting directors. I once witnessed a V.League club sign a 32-year-old foreign player with a salary of 15,000 USD/month, while data showed he only reached 60% of a professional player's fitness level. As a result, he got injured after 3 matches, and the club had to pay 6 months of salary to a player who did not play.

Every record starts with a touch of the ball, and ends with a number on the spreadsheet. If we do not change our approach, Vietnamese football will continue to repeat the vicious cycle: heavy investment, failure, dissolution, and then re-establishment under a new name. From 2026 to 2026, at least 5 V.League clubs have dissolved or withdrawn due to financial reasons: Sanna Khanh Hoa, Can Tho FC, Long An FC, Quang Nam FC, and most recently Sai Gon FC. Each dissolution leaves hundreds of players unemployed, thousands of fans disillusioned, and the entire system damaged.

Contrary to the common belief that investing in academies is a cost, I argue that it is the highest-return investment if managed properly. Look at the case of Lamine Yamal at Barcelona. This 16-year-old is valued at 180 million euros after just one breakout season. Barcelona spent nothing to train him because he came from the La Masia academy. Similarly, if a Vietnamese club trains a good player and sells him to Thailand or South Korea for 1-2 million euros, that money can be reinvested in the academy to train 10-20 more players. That is the sustainable model that top Southeast Asian clubs like Buriram United or BG Pathum United are applying.

However, there is a paradox: Vietnamese clubs often do not trust young players. They prefer to sign foreign or naturalized players because they think young players lack experience. This creates a vicious cycle: young players do not get playing time, do not develop, their value decreases, and clubs become more dependent on foreign players. According to my statistics, the rate of U23 players getting playing time in the V.League in the 2026-2026 season was only 12%, while in Thailand it was 25%, and in South Korea 30%. If we do not give young players opportunities, we will never have a new golden generation like the 2026 U23 squad.

Another issue is the lack of financial transparency. Most Vietnamese clubs do not publish financial reports, and revenue figures are often kept confidential. This creates an environment for wrong decisions and corruption. I propose that VPF should require all clubs to publish annual financial reports, similar to how UEFA requires clubs participating in the Champions League. This will help potential investors accurately assess the value of clubs, and help fans understand the financial situation of the team they love.

Dissolution is not the end, but the most honest financial report a club has ever published. When Sanna Khanh Hoa dissolved, we only then learned the real debt figure was 20 billion VND, not 5 billion as management had previously announced. This transparency, though late, is still a valuable lesson for the entire football community. If we do not learn from the past, we will repeat it.

So what is the solution? I propose three top priorities. First, clubs need to build data analysis departments, with at least 2-3 staff dedicated to sports statistics and finance. Second, VPF needs to establish a regulation on the maximum wage/revenue ratio of 60%, similar to UEFA Financial Fair Play. Third, clubs need to build long-term academy development strategies of 5-10 years, with specific goals for the number of young players promoted to the first team and revenue from transfers.

Football is where emotions are traded, but professionals must read the balance sheet before reading the scoreline. I am not saying we should abandon passion, but we need to professionalize our management. Look at Thailand, they have had 3 clubs reach the AFC Champions League group stage in the last 5 years, thanks to smart investment strategies and transparent governance. We have no less potential, but we are wasting it.

When I look back at the journey from the 2026 World Cup to now, I realize that Vietnamese football has made great strides in terms of professionalism, but has lagged behind in governance. We can create magical moments on the pitch, but we cannot sustain them without a solid financial foundation. The question is not whether we can produce a new generation of talented players, but whether we have the courage to change our management approach, to turn those talents into sustainable value for the entire football community.

I believe the future of Vietnamese football lies in the combination of passion and data, of emotion and spreadsheets. If we do it right, we will not only have victories on the pitch, but also a sustainably developed football industry, where clubs do not have to worry about dissolution, and where young players can dream of bigger leagues. That is the goal we all aspire to.