The full form of "V day" depends on the context, but the most common interpretations are:
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Valentine's Day: This is the most widely known meaning of "V day." It's celebrated annually on February 14th as a day to express love and affection to partners, family, and friends. People often exchange cards, gifts, and messages of love.
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Victory Day: In some countries, "V day" refers to Victory Day, celebrating the Allied victory in World War II. Specifically, V-E Day (Victory in Europe Day) is celebrated on May 8th (or May 9th in some countries) marking the end of WWII in Europe, and V-J Day (Victory over Japan Day) which usually falls on August 14th or September 2nd depending on the nation.