Oooh, what a great question! I would say that vernacular language is regional (that is, it is specific to the regional dialect of English you're speaking) whereas colloquialism is much more broad and does not depend on the region. So 'wanna' would be colloquialism (as well as a host other things), but I agree the difference is slippery! It also does not help that language is constantly evolving and what is vernacular language one day may become a colloquialism later on ><