Hello,
Question seems to have been resolved (here
https://forum.virtuemart.net/index.php?topic=115096.0) but issue is still here under Joomla 3.9.1 + VM 3.4.2 :
=>
admin notifications are still send to main email vendor adress VM, even the settings are set to "NO" the "send system email" in :

- VM Shop/Shopper configuration :
- Joomla User main configuration
- the Joomla configuration of the admin User
Thanks for help !
Best regard