We (nearly) settle the time complexity for computing vertex fault-tolerant (VFT) spanners with optimal sparsity (up to polylogarithmic factors). VFT spanners are sparse subgraphs that preserve distance information, up to a small multiplicative stretch, in the presence of vertex failures. These structures were introduced by [Chechik et al., STOC 2009] and have received a lot of attention since then. We provide algorithms for computing nearly optimal $f$-VFT spanners for any $n$-vertex $m$-edge graph, with near optimal running time in several computational models: - A randomized sequential algorithm with a runtime of $\widetilde{O}(m)$ (i.e., independent in the number of faults $f$). The state-of-the-art time bound is $\widetilde{O}(f^{1-1/k}\cdot n^{2+1/k}+f^2 m)$ by [Bodwin, Dinitz and Robelle, SODA 2021]. - A distributed congest algorithm of $\widetilde{O}(1)$ rounds. Improving upon [Dinitz and Robelle, PODC 2020] that obtained FT spanners with near-optimal sparsity in $\widetilde{O}(f^{2})$ rounds. - A PRAM (CRCW) algorithm with $\widetilde{O}(m)$ work and $\widetilde{O}(1)$ depth. Prior bounds implied by [Dinitz and Krauthgamer, PODC 2011] obtained sub-optimal FT spanners using $\widetilde{O}(f^3m)$ work and $\widetilde{O}(f^3)$ depth. An immediate corollary provides the first nearly-optimal PRAM algorithm for computing nearly optimal $λ$-\emph{vertex} connectivity certificates using polylogarithmic depth and near-linear work. This improves the state-of-the-art parallel bounds of $\widetilde{O}(1)$ depth and $O(λm)$ work, by [Karger and Motwani, STOC'93].