There are, as I'm sure you're aware, many different definitions of the terms "vulnerability", "risk" and to a lesser degree "hazard". In the flood risk management community some degree of consensus was reached on these various terms and other related ones under a European Commission funded research project called FloodSite that had around 40 partners in many European Union countries. A document entitled the "Langauge of risk" was produced. This is availab;le to download from here: http://www.floodsite.net/html/partner_area/project_docs/T32_04_01_FLOODsite_Language_of_Risk_D32_2_v5_2_P1.pdf The glossary at the back of this document may help you to formulate definitions for teh above.
Exactly as Darren says, so much is contextual and depends on definitions. Here are two papers articulating thoughts on vulnerability as a process rather than as a calculation:
HRVA and HVRA is simply the semantics but nothing totally different from each other. Whether you start with hazard, risk and vulnerability or you start with hazard, vulnerability and risk, you will finally get to your destiny. all the critical elements with be assessed and ultimately addressed.
I do not think that it is just Semantics and understand meaning of these terminology. In NatCat modeling of Risk Assessment (HVRA) , you need to convolute hazard, exposure and vulnerability. However, if Risk comes before Vulnerability, then assessment then assessment can not be same.
Sushil, please find attached one of the first papers distinguishing the components of risk in the field of landslides. Morover I sendyou a link to the deliverables (see 1.6) of an EU Project that studied in detail the methodologies for risk assessment.