V-League 2026/27: Which teams face the greatest relegation threat?

At Vinh Stadium on a late August afternoon, the sun was still harsh on Stand B, where I stood watching SLNA's training session. Coach Van Sy Son stood silently on the touchline, notebook in hand, eyes following a group of young players rotating through a pressing drill. He didn't shout, only occasionally raised his hand to signal. I remembered the brief interview earlier, when he spoke of "enormous pressure" and "limited resources" — familiar words from a coach having to rebuild his squad from the ashes after parting with four key players, including both foreign imports Michael Olaha and Carlos Fortes. The context of the 2026/27 season is becoming clear: a new format with only two direct relegation spots, no more play-off. That means no safety net. Five teams — SLNA, Bac Ninh, Dong Nai, Thanh Hoa, and HAGL — are entering the survival battle with different structural weaknesses. The opening match between SLNA and Bac Ninh at Vinh Stadium is the season's first six-pointer, an early signal of the relegation landscape. Looking at squad structures, I see a clear stratification. The newly promoted pair, Bac Ninh and Dong Nai, face the classic first-season adaptation challenge — a different failure mode from the experienced trio of SLNA, Thanh Hoa, and HAGL, who are battling decline in squad quality and finances. SLNA, a club with a rich youth development tradition in Nghe An province, is caught in a selling spiral. Securing a new sponsor but still failing to retain four key players shows that the sponsorship revenue isn't enough to change the club's competitive trajectory. A younger squad with a tight budget means Coach Van Sy Son will have to build a playing style based on youth energy, high pressing, and quick counter-attacks. But the big question is: can the new academy generation truly replace those who left? In Bac Ninh, the situation is reversed. This newly promoted club has spent heavily with 10+ signings, including three Brazilians (Vitao, Brenner Marlos) and overseas Vietnamese midfielder Minh-Kai. This strategy reflects ambition to survive in their first season, but it carries significant risk: a nearly brand-new dressing room, language and cultural barriers between the South American trio and domestic players, and a lack of V-League experience. This team could explode in some matches but collapse in others. Dong Nai, the new home of Cong Phuong, is investing heavily but depends too much on the form of this star born in 2026. This is a structural weakness every opponent can see: neutralize Cong Phuong, and nearly all of Dong Nai's attacking power is nullified. When a team builds its play around one star, the media pressure on that player is immense, and if he falters, the whole team sinks with him. Thanh Hoa and HAGL share a common trait: extensive V-League experience but financial difficulties. Experience is a double-edged sword — it helps them stay calm in tough moments, but it can also breed complacency. The question is whether they can maintain consistency across 26 rounds, or will they fall into the inconsistent streaks often seen in clubs with limited budgets. One notable point: the rule of two direct relegation spots, no play-off, amplifies the risk factor of every mistake. Previously, the 13th-placed team could save itself through a play-off. Now, there's no escape. This forces teams to be more cautious in every match, especially direct encounters between teams in the danger zone. I look back at my notebook, where I've tracked these clubs over many seasons. SLNA is a club that once produced generations of excellent players, but the academy-dependent model is being severely tested when cash flow can't retain stars. HAGL is the same — a famous academy but constantly forced to sell players to balance the books. This is a difficult spiral to escape without a change in investment model. The SLNA vs. Bac Ninh match in Round 1 will be the first measuring stick. If SLNA wins at home, they can build psychological momentum for the early season. Conversely, if Bac Ninh takes points, it signals their investment is paying off. As for Dong Nai, all eyes will be on Cong Phuong — can he still be himself after years playing abroad and with age creeping up? Five teams, five different stories, but sharing the same fate: only two relegation spots, and no one wants to be the one leaving the game. The season is 26 rounds long, but I believe the relegation picture will emerge clearly from the early rounds. And looking back, we'll see that this battle isn't just about goals, but about how each team handles crisis, how they keep the dressing room united, and how they navigate the anxious silences.