Thanh Hoa's value plummets, ranking last in V-League

Following the departure of many players, Thanh Hoa has fallen from 6th to last place in the V-League regarding transfer market value.

Thanh Hoa FC is undergoing a turbulent period in the 2025/2026 season as several key players have left during the mid-season transfer window.Financial difficulties have forced the Thanh region's representative to part with many quality players, leading to a significant decline in squad strength. This not only affects competitive ambitions but also puts the team under great pressure in the relegation battle for the remainder of the season.

According to data from the specialized site Transfermarkt, before the season started, Thanh Hoa was valued at approximately 2.95 million euros, ranking 6th among the 14 V-League teams. However, after the first phase, the team's squad value sharply decreased to 1.55 million euros, making it the club with the lowest value in the league. This figure clearly reflects the decline in personnel quality and squad depth after Thanh Hoa parted with many important players.

Squad difficulties quickly became evident on the pitch. In recent rounds, Thanh Hoa often registered only 15–16 players per match, significantly lower than the league average. Notably, in the rescheduled match of round 10 against CAHN, the Thanh team even had to use goalkeeper Y Eli Niê as a forward—a rare occurrence in V-League history, highlighting the severe shortage of players.

Consequently, Thanh Hoa's performance has been noticeably affected. After many rounds, the team has only secured 12 points and is in the danger zone of the standings. The coaching staff, led by head coach Mai Xuan Hop, is striving to manage the available resources while seeking ways to improve form to avoid sinking deeper into the intense relegation battle.

Amidst these challenges, Thanh Hoa has taken a significant step by completing a payment of around 3 billion VND as required by FIFA to remove the transfer ban. This penalty originated from lawsuits filed by some former foreign players of the club. Fulfilling this financial obligation allows Thanh Hoa to reopen player registration, creating conditions to urgently reinforce the squad ahead of the decisive phase of the season.

In contrast to Thanh Hoa's situation, Nam Dinh continues to assert its top position in squad value within the V-League. The defending champion is valued at 10.23 million euros and remains among the clubs with the highest value in Southeast Asia. This substantial disparity further underscores the challenges facing Thanh Hoa, although the lifting of the transfer ban is expected to be a turning point, helping the Thanh-based team stabilize its squad and nurture hopes of improving results in the upcoming journey.