give your project a name. the dpsvelocity .vprj file name extension is automatically applied to it.
in the lower half of the screen, there are two fields with browse buttons next to them. the first shows a folder in a system drive. the second shows a folder in a vtfs media drive. while you can change the destinations of these files (keeping the system drive folder in a system drive, and the vtfs media drive folder in a media drive), you cannot change the name of the folder that is created. the folder always carries the same name as the project you are saving.
when you save your project subsequently, it will be saved in the same folders. this window will not open again unless you save a new project.
note that each project must have a unique name. you can't keep using the same project name and save destination. an error message will ask you to please choose a unique name because a folder by that name already exists.