This new generation converter was released after version 3 and has various new features and improvements: support for more materials, maps and other scene components, more choice of materials to convert, interaction with converter functions through built-in maxscript methods (API), as well as more flexible conversion options and scene adjustments.
The following renders are currently supported for conversion to V-Ray: Default Scanline (Standard), Corona Renderer, FStorm Render, Octane Render, finalRender, Arnold (basic), and as additional - NVIDIA iray (unofficial) and Brazil Advanced materials. A more detailed list of materials, maps and other scene components supported for conversion can be found here.
More detailed information about the all features and capabilities of the "V-RayMax Converter PRO" can be found here: https://maxtools.3dzver.ru/vmcpro
Also, on this V-RayMax Converter PRO Telegram channel you can read about all the updates and leave your suggestions for improvements and new features.