OSSV (Open systems SnapVault) is used to backup VMFS data not hosted on a NetApp filer.
So like already stated you can use SMVI (in VSC 2.0) or just do al normal filer snapshot/snapvault. Changes that your VM is corrupt are a bit higher with the last method.
With NFS you could just can make a flexclone and copy the file back to restore, with a VMFS lun there is the option to do a lun clone and use that to copy the VM back. Otherwise you can use SnapVault to restore the entire lun.
SMVI makes it easy to restore a VM from local snapshot, but there is no integration with SnapVault, so no easy restore from a SnapVault destination like is possible with SnapManager for SQL and SharePoint.