This will bring in your local library just as it did in the past. To import the material library, simply do the following steps: Since Chaos plans to eventually scrap this, I recommend copying this folder to somewhere safe on your machine so that you have a copy you can always reference.
This is usually under the following path: C:\Users\USERNAME\Documents\V-Ray Material Library There is a way! If you already have V-Ray 5, then chances are you have the standard material library downloaded on your machine (part of the install process).
How Do I Get My V-Ray Material Library Back?