Varnish
Applied to the whip-finish to secure the tying thread. Clear varnish is best used on dry flies, but coloured varnish is used for lures and wet flies. The backs of some fly bodies are occasionally coated with clear varnish. Although varnish bought in Fly Fishing supply stores is best, nail varnish has also been known to do the job.
Vest
Clothing, usually sleeveless, worn while fishing, with multiple pockets in which items needed for fly fishing are kept
Vise
The tool used to hold a hook in place while tying the fly.