A new vector-product Lie algebra is constructed for a reductive homogeneous space, which can lead to the presentation of two corresponding loop algebras. As a result, two integrable hierarchies of evolution equations are derived from a new form of zero-curvature equation. These hierarchies can be reduced to the heat equation, a special diffusion equation, a general linear Schrödinger equation, and a nonlinear Schrödinger-type equation. Notably, one of them exhibits a pseudo-Hamiltonian structure, which is derived from a new vector-product identity proposed in this paper.