Which vSphere version are you using?
The enhanced LACP (starting vSphere 5.5) introduces several new features to improve dynamic link aggregation flexibility & utilization and supports more load balancing types.
With IP hash, it is based on the Source & Destination IP Hash, so for a same pair of Source & Destination IP, it will keep using same vmnic.
For example you have 2 vmnics, vmnic1 & vmnic2, you have only 2 VMs, VM1 and VM2.
If based on the hash VM1 to VM2 will use vmnic1, vmnic2 will never be used unless you have new pair of Source & Destination IP, different VMs for example VM3 to VM4.
With enhanced LACP, you can use Source/Destination TCP/UDP port for example, so even if you only have 2 VMs, VM1 and VM2, traffic using different TCP/UDP ports may be able to utilize different vmnics
Bayu Wibowo | VCIX6-DCV/NV
Author of VMware NSX Cookbook http://bit.ly/NSXCookbook
https://github.com/bayupw/PowerNSX-Scripts
https://nz.linkedin.com/in/bayupw | twitter @bayupw