The letters V and W are often confused because of related lip movements. But they are very different for two reasons: when making a W, the air moves freely and the teeth are not involved, whereas when we make a V, the air is blown between the teeth and lip, creating friction.
V is formed in the same way as F. The difference is that V is voiced whereas F is voiceless. When we make a V or an F, we do not round the lips. In contrast, we make the W with the lips, forming a small opening and releasing the lips into the W sound.
Depending on your linguistic background, you may combine W and V into one movement, starting with the lip shape of W and lifting the lower lip towards the upper teeth to make a V sound. Some languages combine a B and V by briefly closing the lips before making the V.
You can practice the following contrasts with the audio file attached. Use a mirror to make sure you are not rounding or closing the lips when making the V. Enjoy!