The TM-V71 has one internal speaker, but two external speaker jacks. With no external speakers connected, the audio from both A and B sides of the radio comes out of the internal speaker. If you connect an external speaker to external speaker jack 1, the internal speaker will be muted and A and B audio will come from the external speaker. If you connect an external speaker to external speaker jack 2 with nothing connected to jack 1, the B side audio will come from the external speaker while the A side audio will come from the internal speaker. If you connect external speakers to both jacks 1 and 2, the internal speaker will be muted while A audio will come from jack 1 and B audio from jack 2. The relationship between A and B audio and the two speaker jacks can be reversed through a menu function.
As with most true dual-band radios, one side of the TM-V71 can be tuned to VHF while the other side is tuned to UHF or both sides can be tuned to VHF or UHF (aka dual in-band receive). You'll hear received audio from both sides of the radio based on your speaker configuration. If, for example, one side is tuned to VHF and the other side to UHF, you can transmit on VHF and still hear received audio from UHF and vice versa. However, if both sides of the radio are tuned to VHF and you transmit on one side of the radio, receive audio on the other side will be muted. IOW, you can't hear a VHF signal while transmitting on VHF and you can't hear a UHF signal while transmitting on UHF.
Also, if you use an external TNC or sound card adapter with the TM-V71, you can configure which side of the radio will transmit if the external device asserts PTT. This can be separate from the side of the radio that is keyed when the microphone PTT is pressed. IOW, you can transmit with the mic on the A side while your external TNC can transmit on the B side.
The Kenwood TM-V71 has been on the market since 2007. Kenwood historically develops new radios at a slow pace. Their radios are well-designed and are generally reliable. Right now, Kenwood Communications is putting most of their eggs in the public safety and business radio basket. Also, based on their annual reports, all two-way communications products, including amateur radio, are only about 25% of JVC Kenwood's business. I have seen comments from people inside Kenwood hinting at new radios coming for the amateur radio market, but no announcements yet.