Markvart considers that it is the short form of the name Vahagn without g. Hyubshman considers that it consists of the particle vah "sun", "fire" used in many Persian names and considers it an Arm name (arm vahan "shield" see "Amen. Gram."- 509). It is a rather common name now. We also have the surname Vahanyan and Vahanik diminutive form.