Forget about the roles. Both functions are important. In the early days, you will have to define the technical direction – and code a lot! After the MVP and a couple of new employees, you will have to start scaling: hire people, coach them and fix processes. The first job is usually attributed to the CTO and the second to the VP of Engineering.
Anytime, you will need to keep scaling and driving the technical direction. It could be the same person doing the same functions at some point, or maybe you with a manager, or maybe you with a senior developer. It usually ends with having a CTO and a VP of Engineering, at least someone leading each function.
Also published on Medium.