Abstract
This paper is a continuation of "Quantization of Lie bialgebras I-IV". The goal of this paper is to define and study the notion of a quantum vertex operator algebra in the setting of the formal deformation theory and give interesting examples of such algebras. In particular, we construct a quantum vertex operator algebra from a rational, trigonometric, or elliptic R-matrix, which is a quantum deformation of the affine vertex operator algebra. The simplest vertex operator in this algebra is the quantum current of Reshetikhin and Semenov-Tian-Shansky.