I did some research on this some time ago, but unfortunately can't find it anymore...so what I write now might be complete crap!
Anyway, if I remember rightly the V in 'VH' refers to Queen Victoria.
At the time when ICAO were doing the codes, British Commenwelth and Dependant Territories were assigned 'V?' designations.
This is strange however, as Queen Vic wasn't around when aviation started...maybe it was just out of respect.
Also for interest (I'm not 100% sure though), I believe that N-??? in the USA is after 'North Carolina', the state in which the Wright Brothers made their first flight. K???? for the US airports is allegedly based on Kittyhawk, which is of course the place of that famous flight.
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