There is ongoing scientific discussion on the role of innovative technologies in enhancing teaching and learning. Technologies like augmented reality, virtual reality, mixed reality, artificial intelligence, and generative artificial intelligence have sparked debates in the broader literature. To contribute to ongoing discussions on these topics and to bridge gaps existing in works of literature on the potentials and challenges of innovative technologies like virtual reality, this paper provides insights from students and teachers on the use of virtual reality for teaching speaking skills so far lacking in academic prose in this domain. Given that this study only focused on obtaining student and teacher insights, a mixed-method research design that used questionnaires and interviews was implemented to investigate this study. After obtaining and analyzing data from 85 participants, the study found that although virtual reality could have improved students' speaking skills more efficiently, it was a fun and exciting learning experience for the students and teachers. Other novel findings of the study were instrumental in making pedagogic conclusions on the study's objective.