In the video, what we see is not a VHBL port but a “simple” hello world. This is the same code pretty much everyone has been using since the sparta exploit back in 2009, and, in case you’re wondering, we’re talking of course of a user mode exploit running inside the PSP emulator of the Vita. With the same possibilities as usual of seeing a port of VHBL coming one day to this exploit.
The Z is in possession of an undisclosed PSP exploit for a game available on the EU store. If I were to guess, I’d assume this is the very same exploit.