This is Ys Celceta: Sea Of Trees (also known as Ys Celceta: Foliage Ocean), the next game in Falcom's Ys series of action-roleplaying games.

No word on U.S. release yet, but it'll be out this September in Japan for Vita. Boutique publisher XSEED Games has localized many of Falcom's other games—including several in the Ys series—so they could very well handle this one too. Hopefully someone translates and brings it to U.S. shores—it looks wonderful.