No, this has nothing to do with a certain Seagram's brand.
VO = Version Originale
VF = Version Française
As movies are released they typically appear here in France - assuming they came from Hollywood - as VO or "version originale" to start with and then a few weeks or months later they get released here as "version française".
What's the difference? VO means the movie is released in English with French sub-titles (sous-titres). VF means the movie is dubbed into French. So, the key for us anglos here in France is to get to the movie while it is still "VO".
This afternoon, we went to see "Good Morning England" which was hilarious and we absolutely recommend it.
Skill testing question for readers: What is popcorn called in France? Le popcorn.