Southeast Asian football has experienced a significant surge in the market value of its national squads, with Indonesia recording the highest value at €36.53 million (US$39.50 million), according to data from Transfermarkt.
Indonesia's rise is largely due to the presence of key players playing in European leagues, such as Mees Hilgers (FC Twente, €9 million), Jay Idzes (Venezia FC, €3 million) and Thom Haye (SC Heerenveen, €3 million). Hilgers, a talented young defender, currently has the highest market value among Indonesian players, surpassing both local talent and other heritage players.
Meanwhile, Thailand, with a market value of €8.73 million, continues to rely on its veteran star Chanathip Songkrasin (Kawasaki Frontale, €1.2 million), despite his performance decline due to injuries and reduced playing time in the J-League. Thailand’s younger generation is beginning to show progress, but has yet to catch up with Indonesia’s dominance in the player market.
Malaysia (€7.15 million) has also seen growth in line with the development of the Malaysia Super League. One of their most valuable assets is Arif Aiman (Johor Darul Ta’zim, €500,000), who plays a crucial role in the national team's attack.
In Vietnam (€6.08 million), the squad's market value remains stable, with Nguyen Quang Hai (€350,000) being the most valuable player, although his move to Europe fell short of expectations, leading him back to the domestic league.
At the lower end of the list, countries like Brunei (€1.01 million) and Timor Leste (€1.31 million) continue to struggle due to the lack of players participating in competitive leagues. However, the emergence of diaspora players and investments in youth football programs offer hope for future improvement.
According to Transfermarkt's latest data as of March 2025, here is the market value of national team squads in Southeast Asia:
| Rank | Country | Market Value (€) | Market Value (USD) |
|---|---|---|---|
| 1 | Indonesia | €36.53 million | $39.50 million |
| 2 | Thailand | €8.73 million | $9.44 million |
| 3 | Malaysia | €7.15 million | $7.73 million |
| 4 | Vietnam | €6.08 million | $6.57 million |
| 5 | Philippines | €5.05 million | $5.46 million |
| 6 | Myanmar | €3.60 million | $3.89 million |
| 7 | Cambodia | €2.95 million | $3.19 million |
| 8 | Singapore | €2.83 million | $3.06 million |
| 9 | Laos | €1.73 million | $1.87 million |
| 10 | Timor Leste | €1.31 million | $1.42 million |
| 11 | Brunei | €1.01 million | $1.09 million |
