Thanh Hoa Reborn: From an 18-Man Squad to a New Ambition

On the morning of September 4, at Thanh Hoa Stadium, a departure ceremony unfolded in an atmosphere unlike any other year. Not only because the Thanh Hoa club had just announced a registered squad of 30 players for the 2026/27 season – nearly double the number from last season – but also because of the appearance of a new face as club president: businessman Le Xuan Tuong, the man behind T-Group Corporation and Thang Long Instruments Company. People saw Golovin at the World Cup; I saw him before that. With Thanh Hoa, I see something similar: a revival that few noticed in its smallest details. When the 2026/26 season ended with an 11th-place finish – a result considered miraculous with only 18 players available – few thought this team could bounce back so quickly. But the pandemic shock of 2026 taught me that a person's value is not measured by the numbers on a transfer sheet, and for a football club, the same holds true. The context of this change is not simply a transfer of power. Last season, Thanh Hoa faced a financial crisis so severe that the squad was reduced to just 18 players. Coach Mai Xuan Hop had to manage with a thin roster, relying primarily on disciplined defensive organization and pragmatic football to survive relegation. Retaining goalkeeper Nguyen Thanh Diep, Vu Tuyen Quang, and key players like Van Thang, Xuan Hung, Tung Han, Tuan Canh, and Duc Hoang reveals a clear strategy: prioritizing stability at the back before thinking about attack. The arrival of Le Xuan Tuong is not merely about a new sponsor. A businessman with an industrial background like him taking on the club presidency carries deep strategic meaning. Unlike traditional football bosses who often act on impulse, an industrial businessman like Tuong typically brings a more structured governance mindset. The clearest evidence is the squad expansion from 18 to 30 registered players – a concrete signal that new capital has genuinely been injected, not just empty promises. But the most interesting aspect lies in the squad structure. Among the 4 registered foreign players, there are 2 midfielders (Abdurakhmanov from Uzbekistan and Lovric Di Mateo) and 2 strikers (Monteiro Martins and Guindo). Notably, there is no foreign center-back. This is a calculated tactical choice: the Thanh Hoa club is betting on attacking strength rather than reinforcing the defense. This suggests that coach Mai Xuan Hop has no intention of continuing last season's negative defensive style, but rather shifting to a more proactive system with better squad rotation. Using the overseas Vietnamese slot for Laotian midfielder Damoth Thongkhamsavath is a smart regulatory move. Under V-League rules, overseas Vietnamese players can register in a separate slot without occupying a foreign quota. Using this slot for a player who represents the Laos national team shows that the club's recruitment department understands the legal framework well and maximizes regulatory gaps to optimize the squad. This is a competitive advantage that few Vietnamese clubs exploit thoroughly. However, the strategy of recruiting foreign players from value markets like Uzbekistan or West Africa carries significant risks. These markets typically offer lower wages than Brazilian or European players, but scouting quality is also uneven. If these foreign players fail to adapt to Vietnamese football – an environment demanding physicality and quick adaptation – the club will find it very difficult to correct course mid-season given limited financial resources. The story of Thanh Hoa's revival cannot be separated from the broader context of the V-League. This is a league with fairly clear stratification: the top group includes Hanoi FC and Cong An Ha Noi with superior financial resources, the middle group includes teams like Thep Xanh Nam Dinh and Becamex Binh Duong, and the bottom group consists of financially weak clubs. With the current budget, Thanh Hoa cannot compete with the top group in terms of foreign player quality, but expanding the squad gives them the depth to compete in the middle group – the most realistic target being a top 6 to top 8 finish. Notably, coach Mai Xuan Hop's public statement about targeting the "highest results" in both the V-League and the National Cup is a double-edged sword. From a media perspective, this promise creates high expectations from fans and experts. If the team fails to achieve expected results by mid-season, pressure will mount on the coaching staff and the new president. But looking from another angle, the coach's willingness to make such a public commitment suggests he has received certain assurances from the new leadership about investment resources. The opening match against SHB Da Nang at home on September 6 will be the first and most important test. A victory would reinforce belief in the revival, creating positive momentum for the entire season. Conversely, a defeat could spark early criticism, especially since the new leadership has made public promises at the departure ceremony. Thanh Hoa Stadium is famous for its passionate home crowd, and home advantage could be worth 3 to 5 points over a season – a factor that cannot be underestimated. The pandemic shock has passed; the best agent is not the best negotiator, but the one who keeps promises. For Thanh Hoa, that promise is not just a slogan on departure day. It is a commitment to a more sustainable direction, where survival does not depend on a lucky season or the temporary generosity of a single sponsor. The biggest question is not whether Thanh Hoa can improve on 11th place – that is almost certain with a deeper squad. The real question is whether T-Group's investment is a long-term strategy or merely a short-term branding exercise. From a historical perspective, Vietnamese football has witnessed too many stories of owners coming and going, leaving clubs in debt and crisis. Thanh Hoa experienced its worst period last season with only 18 players. If T-Group withdraws after one season, the consequences could be even more severe. The fact that the club had no information about sponsorship deals or independent commercial revenue in the departure ceremony speeches is a worrying sign of dependence on a single capital source. Another blind spot rarely mentioned is the absence of a foreign center-back. In a league where foreign strikers often possess superior physique and strength, lacking an experienced foreign center-back could cause Thanh Hoa's defense difficulties against opponents with physically imposing strikers. This is a tactical gamble by coach Mai Xuan Hop – he places trust in domestic center-backs and hopes that collective play will compensate for the lack of physical presence at the back. The truth is, the transfer market does not operate on money, but on trust. And the trust of Thanh Hoa fans has been tested too many times over the years. They have watched their club struggle through crises, watched promises made and then evaporate. This time, they have the right to hope for something different – but also the right to be skeptical. Behind every signature are two stories: one told, one hidden. The told story is about a promising new beginning. The hidden story is about unresolved financial difficulties and questions about the sustainability of new capital. The 2026/27 season will not be just another season for Thanh Hoa. It will be a test of the ability to rise after a fall, of whether a club that nearly collapsed can rebuild a solid foundation. With 30 players at hand, a new ambitious president, and a coach who has proven his capability in the most difficult circumstances, Thanh Hoa has every condition to write a new fairy tale. But as I learned from the summer of 2026, nothing guarantees a happy ending – only relentless effort and steadfastness to chosen values. The question is whether T-Group and Le Xuan Tuong have enough patience to build something sustainable, or are simply seeking a new playground for their brand.