We calculate hyperon magnetic moments by using the bound-state approach to the SU(3) Skyrme model. We analyze the role of the vector mesons as omega and rho meson in the calculation of the magnetic moment. Inclusion of an omega vector meson, instead of the Skyrme term, shows a net improvement of the nonstrange part of the isoscalar current. Taking account of the rho vector meson, although only treated approximately in the SU(2) sector, does not give a meaningful improvement in isoscalar or isovector current, if we fix the physical input of the model to fit the hyperon masses. Importance of the heavy vector mesons is argued, not only in the hyperfine mass splitting but also in the magnetic moment. It is also argued that the treatment of the gauged Wess-Zumino action in the SU(2) sector is crucial in reproducing the experimental results.