A developers known as Peter MacKay has started to develop the first PSVita emulator for PCs, dubbed Vita3K.
Vita3K will when released purportedly allow users to play games developed for the PlayStation Vita on their PCs. There's a catch, of course, the emulator is not yet fully functional. It's in a very early stage, and users can't play any commercial games, which would be --I imagine-- one of the main perks of using an emulator. Right now, you can only run basic homebrew applications like VitaQuake and VitaTester.
"Vita3K is an experimental PlayStation Vita emulator for Windows and macOS. The GitHub description reads, "The emulator currently runs a few homebrew programs in .vpk format. No commercial games are playable."
Gaming emulation projects like Vita3K have been criticised in the past for helping in the growth of piracy. This 2017 articleencapsulated the dilemma, that faced developers of emulators. Some argued that Piracy, in this case, was much like Civil Disobedience., with the preservation of older games being done simply to save forms of art that may otherwise disappear, especially in the case of consoles like the Vita which have long since gone out of production. Another perspective of this matter, of course, is that piracy is simply wrong, but emulation cannot be blamed for it. Emulators are simply a tool, what the users use them for is up to them.
Wherever you stand on the debate, the developer of Vita3K notes that "the purpose of the emulator is not to enable illegal activity." Whether users of the emulator will see it that way, remains to be seen.
Interested parties can check out the Github page and download or donate to the project should they choose to.