Nested IF statement validating part 1 but not part 2 of conditional

[methuselah90]

I'm working on a IF statement that does the follow checks:

1) Check to see if value exists on VDA Report

• If FALSE then move onto 2
• If TRUE then display "Yes" as a result

2) Check to see if the first letter of the adjacent value in column H is "V"

• If TRUE then display "Yes" as a result
• If FALSE then go onto 3

3) Display blank result

But whenever it does not find a value at 1), instead of proceeding on to do the check at 2) it jumps all the way to 3). Any reason for this happening? Code below:

    =IFERROR(
       IF(VLOOKUP(CONCATENATE("EMEA\",H:H),'VDA Report'!A:B,1,FALSE)<>"","Yes",
       IF(LEFT(H:H,1)="V","Yes",""))   
    ,"")