VA(Vulnerability Assessment) and PT(Penetration Testing)

What is the difference between VA(Vulnerability Assessment) and PT(Penetration Testing)? Per enterprise security assessments?

As you finalizing your enterprise security assessments, what would be your deliverable for the following team members: - Explain Why and What by examples -

Executives and boards
Data security and IT professionals
Risk managers
Make sure to explain and backup your responses with facts and examples