Custom Directive 
You can translate not only with $t, but also with the v-t custom directive.
String syntax 
You can pass the keypath of locale messages with string syntax.
Javascript:
import { createApp } from 'vue'
import { createI18n } from 'vue-i18n'
const i18n = createI18n({
  locale: 'en',
  messages: {
    en: { hello: 'hi there!' },
    ja: { hello: 'こんにちは!' }
  }
})
const app = createApp({
  data: () => ({ path: 'hello' })
})
app.use(i18n)
app.mount('#app')Templates:
<div id="string-syntax">
  <!-- string literal -->
  <p v-t="'hello'"></p>
  <!-- keypath binding via data -->
  <p v-t="path"></p>
</div>Outputs:
<div id="string-syntax">
  <p>hi there!</p>
  <p>hi there!</p>
</div>Object syntax 
You can use object syntax.
Javascript:
import { createApp } from 'vue'
import { createI18n } from 'vue-i18n'
const i18n = createI18n({
  locale: 'ja',
  messages: {
    en: {
      message: {
        hi: 'Hi, {name}!',
        bye: 'good bye!',
        apple: 'no apples | one apple | {count} apples'
      }
    },
    ja: {
      message: {
        hi: 'こんにちは、 {name}!',
        bye: 'さようなら!',
        apple: 'リンゴはありません | 一つのりんご | {count} りんご'
      }
    }
  }
})
const app = createApp({
  data() {
    return { 
      byePath: 'message.bye',
      appleCount: 7,
    }
  }
})
app.use(i18n)
app.mount('#object-syntax')Templates:
<div id="object-syntax">
  <!-- literal -->
  <p v-t="{ path: 'message.hi', args: { name: 'kazupon' } }"></p>
  <!-- data binding via data -->
  <p v-t="{ path: byePath, locale: 'en' }"></p>
  <!-- pluralization -->
  <p v-t="{ path: 'message.apple', plural: appleCount }"></p>
</div>Outputs:
<div id="object-syntax">
  <p>こんにちは、 kazupon!</p>
  <p>good bye!</p>
  <p>7 りんご</p>
</div>$t vs v-t 
$t 
$t is function of VueI18n instance. It has the following pros and cons:
Pros 
You can flexibly use mustache syntax {} in templates and also computed props and methods in Vue component instance.
Cons 
$t is executed every time when re-render occurs, so it does have translation costs.
v-t 
v-t is a custom directive. It has the following pros and cons:
Pros 
v-t has better performance than the $t function due to its pre-translation is possible with the Vue compiler module which was provided by vue-i18n-extensions.
Therefore it’s possible to make more performance optimizations.
Cons 
v-t cannot be flexibly used like $t, it’s rather complex. The translated content with v-t is inserted into the textContent of the element. Also, when you use server-side rendering, you need to set the custom transform to directiveTransforms option of the compile function of @vue/compiler-ssr.