If you have access to a Mueller or similar Catalog, you'll find there an illustration of as so called "live tap" or "wet tap procedure. The advantage of such a tap is that it is not necessary to shutdown the existing main to make the connection. For larger lines, say 6-inch or larger, the tapping machine is operated by an electric motor. For smaller lines the machine may be manually operated.
A "cut in connection" requires shutting down the line being tapped. This is usually undesirable but sometimes necessary.
If you can't find a catalog many of AWWA's publications illustrate both procedures. For example, their Water Distribution Operator Training Handbook is an excellent source of practical information.
As to whether or not a vault is required, this is a function of how large the valve is and what type of valve it is. Consult the water system operator you are working with to find out their policy.
Good luck