There are several airspeeds that correspond to aircraft climb performance or operating limitations during different phases of flight. They are denoted with a “V” followed by one or more letters that signify under which conditions that speed should be flown.
Early in our pilot training we learn about two of these “V-speeds” that are often quoted and used during departure—they are VX and VY. When planning a departure, pilots should consider the airport environment and determine at what speed to climb based on how quickly the airplane must gain altitude to ensure safety of flight.
VY is the “best rate of climb” speed. At this speed, the aircraft will climb to altitude quickest. This is the speed to use on climb-out if there are no obstructions to consider that would require a steeper angle upon departure.
Generally, the rule of thumb is to use VX as needed on takeoff and then pitch down slightly after obstruction clearance to continue climbing at VY. Upon reaching VY, that speed would be maintained until the predetermined altitude is reached and the pilot levels the aircraft off, and transitions to cruising airspeed.
The best takeoff technique to use will depend on your aircraft and the departure airport. For example, if the runway requires a short-field takeoff technique, you may routinely climb out at VX before continuing the climb at VY. The appropriate procedure for your aircraft will be found in the pilot’s operating handbook or airplane flight manual.
Additional information about VX and VY can be found in Chapter 6 of the FAA’s Airplane Flying Handbook.