I have had both and both are great scopes in their price range, if I had to choose from the two I would choose the vx5, 30mm tube, more elevation, unbeatable warranty, good glass (although I would mention that if the zeiss had a 30mm tube it would probably trump the vx5 as far as glass quality)
I'm pretty sure from memory if you use the zero stop on the hd5 it limits you to one rotation of elevation, which is about 17moa (again from memory) which is plenty for a lot of magnum calibers but something to be aware of. I like the ZL2 turrets on the Vx5 they work real well and of course give two full rotations with an indicator for when you are on the second turn.
Again, both fine scopes and I wouldn't feel under-scoped (is that a word?) with either in most NZ hunting situations
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