Before telling the VP, you’re responsible for the

consequence, as far as your current company is concerned, of your leaving/staying. After telling, he is partially responsible.

What do you think he will do, so that he will not look foolish in the eyes of his peers, if he didn't handle it correctly?

It's not a rhetorical question. What if you take a counter offer but leave anyway after six months. You have to expect him do something after you changed your mind and decided to stay.

Loyalty may be an old-fashioned concept. But people still use it for justification.

Not saying you have to leave after telling. Everything comes with a price.