The VideoLAN Forums

How can I run 2 VLC copies with different settings on the same computer?

VLC.exe --config="P:ath\to\vlcrc"

or

Make VLC being portable:
Download VLC 3.x, the ZIP or 7Zip file.
Extract it to the folder of your choice, then create a folder named "portable" (without quotes) where VLC.exe is.