A new update to V-Ray for MODO beta is now available.
Chaos Group added some features and fixed a few things.

Some highlights:
 
   ● Image Map: Support for Substance textures. Animated substances work in MODO 701. Substances are updated in V-Ray RT
   ● Image Map: Support for image sequences
   ● Image Map: Support for image layers
   ● V-Ray Materials: Added a V-Ray VRmat material. It can load materials from .vistmat, .vrmat and .vrscene files.
   ● V-Ray Proxy: New command to create .vrmesh files from geometry in the MODO scene. Can be found in the "V-Ray Toolbox" and "V-Ray Menu"

Download the updated version of V-Ray for MODO beta here.