When starting V-Ray for Houdini for the first time, you need to manually load the V-Ray Shelf. From the Houdini shelf, click the plus + icon, navigate to Shelves, and select V-Ray from the list.
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To render with V-Ray, simply click the Render button from the V-Ray Shelf. This automatically creates a vray_renderer node in the Network Editor (if one is not already present) and launches the V-Ray Frame Buffer.
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If a ZIP or silent installationis used without accepting the End User License Agreement and the Global Consumer Privacy Policy, you are prompt to accept them when initiating a render in order to use V-Ray.
Enable the I Accept checkboxes and click Accept in order to proceed using the software.