There are three different types of VRV systems:
Cooling-only system: It provides only cooling and dehumidification.
Heat pump systems: It is the most popular type of VRV system. It can provide both heating and cooling. However, only heating or cooling is done at a given time.
Heat recovery systems: They involve newer and more complicated technology. With these systems, the indoor units in a system can provide heating while the outside unit can simultaneously do the cooling. This is done by actually transferring heat from the space being cooled to space which is being heated. Depending on your system, you may require some extra refrigerant lines.