Using the partially completed Submillimeter Array with five antennas, we have observed the CO J=2-1 and 3-2 emission from the envelope surrounding the carbon star V Hya. The high-angular resolution (2-4) maps show that V Hya is powering a bipolar molecular jet having an extreme velocity of 70-185 km/s. The axis of this high velocity jet is perpendicular to the major axis of the flattened disk-like envelope, which is expanding with a velocity of ~16 km/s.There is a third kinematic component, a medium-velocity wind having a deprojected velocity of 40-120 km/s moving along the disk plane. Both the high velocity jet and the medium velocity wind have a dynamical time scale of a few hundred years. The flattened structure and the collimated jet observed in V Hya suggests that the formation of asymmetrical structure proceeds while the central star is still in the AGB phase