V-Ray provides support for the texture baking mode of 3ds Max. You can use V-Ray as a texture-baking renderer; however since VRay does not support the standard 3ds Max Render Elements, you need to use the V-Ray specific ones (e.g. VRayCompleteMap instead of CompleteMap etc).
It is recommended that you set the Secondary rays bias from the Global switches rollout to a small positive values when doing texture baking. This wil avoid some artifacts on the edge padding. V-Ray will automatically assume 0.001 as a Secondary rays bias, if you have accidentally left it to 0.0 in texture baking mode.