I've spent a couple of hours looking at ROM lists, but cannot find this I used to play any more.
It's a vertically scrolling Shoot'm'Up (or "shmup"), meaning you saw the world top-down, with your plane flying towards virtual "north".
In the beginning you had three or four fighter planes to choose from. I think they where white or blue and light red, maybe one yellow/gold. I think a humanoid character representing the pilot was shown too.
Within the game you could transform your plane into a mecha, which probably gave you some extra powers.
Graphics was very good, thus I'd say it's newer than 2000.
Could be that this game is one of those that didn't really make it outside of Japan. I was surprised I couldn't find it in any listing or even YouTube video.
Something tells me the name was just a single word, something with V or G maybe, but this guess could be completely false.