Welcome to the Communities,
I assume you are talking about ESXi stand alone hosts and you have managed switches and VLAN in place.
In this case I would recommend you configure the physical switch ports as trunk ports (or "tagged" ports for Procurve switches) and do VLAN tagging on the virtual port groups. Therefore you create/use 1 vSwitch, attach both NICs to it and create multiple port groups on which you configure with the needed VLAN IDs.
This way you have a redundant connection in case one of the NICs or network cables fail.
see http://www.vmware.com/files/pdf/virtual_networking_concepts.pdf for details
One question: What do you mean with "VManagement & VKernel"? Actually, the management port group is the VMkernel.
André