Taken and summarised from Vmware KB Article “Sample configuration of EtherChannel / Link aggregation with ESX and Cisco/HP switches“. This KB article applies to Vmware products version 3.0.x to version 4.1.x

I will not include in the blog how to configure the CISCO or HP switch, do read the KB article for more information.

Configuring load balancing within the VMware Infrastructure Client

To configure vSwitch properties for load balancing:

1. Click the ESX host.
2. Click the Configuration tab.
3. Click the Networking link.
4. Click Properties.
5. Click the virtual switch in the Ports tab and click Edit.
6. Click the NIC Teaming tab.
7. From the Load Balancing dropdown, choose Route based on ip hash.
8. Verify that there are two or more network adapters listed under Active Adapters.