Make sure that that device is the right name for your boot disk. Type 'format' at the command line in single user mode. It should show up on the list. If it is not then mount the proper partition. Once you are in single user mode you should be able to mount it to one of two available mount points either /mnt or /a, so the proper command would be 'mount /dev/dsk/c0t0d0s0 /mnt' assuming that c0t0d0s0 is the actual location of your boot partition. Then /mnt/etc/vfstab is the file you want to edit.
Other possible TERM types are vt220 or xterm to name a few, and ctl-l will refresh the screen before and after an edit to ensure you are on the right line. Sometimes, you will think you are on a certain line but because the TERM environment variable is not correct you will actually be editing a different line.
I set the TERM and EDITOR as per your instruction, however once i am opening the vfstab with vi i am getting the below error and unable to edit the entry in vfstab