SK5 is
JIS standard for steel.
It is used in Japan and Asian in general.
There are different types of steel:
* generic steels such as AISI steel grades (440 series...) or japanese "AUS" steel grades (AUS6, AUS8...) grades: those are production norms, eg 440C is defined as a certain type of steel with certain element combination (what you see in steel charts) and certain production norms. There are generally more or less tight production margins (eg on alloying elements proportions). Anyone who follows those recommandation can sell his steel as 440C. While, in theory, any country can produce any type of generic steel, maker of stick to national norms for designation (AISI in the US, AUS in Japan/Asia, DIN in Germany/Europe...). One can also note there are often steel grades that are almost the same from one norm to another. Often filling the same niches.
ex: 420, 440A, 440B, 440C; Aus6, Aus8, Aus10; A2, D2, L6...
* proprietary steel such as Crucible 3V, Bohler N690Co... Those steel are sold by a particular manufacturer that has invented (and possibly patented) his own norm: he may use its very own formulations and/or special manufacturing processes (Powder steel, electro melting, better carbide distribution...). Some manufacturer even sell common steel grade under their designation claiming their steel is better than plain AISI steel eg: Boehler sells 440C as "Bohler N695" claiming their manufacturing process (better quality control, less inclusions...) makes it better than plain, common 440C steel. In certain case steel maker can sell licences to produce that steel to other manufacturer. Another manufacturer could also manage to duplicate a proprietary steel, but I wouldn't be allowed to use the "brand".
ex: S30V, VG10, N690Co...
SK5 is a pretty common high carbon spring steel, it compares with 1080 (plain carbon, 0.8% carbon content). It is inexpensive and quite tough.
VG1 is a japanese proprietary stainless high carbon steel. It would be a lot more expensive and probably a lot more "advanced" steel, but not sure it would shine in that particular application.
http://www.e-tokko.com/eng_vg1.htm