Use of rating and reviews module, users can give ratings to product and also give reviews of product use.
Is there such functionality already provided by virtocommerce or we need to develop it?
Sorry, but no, VirtoCommerce has no built-in functionality for customer ratings & reviews currently. We may recommend you to look for third-party solutions and integrate them directly to your theme or writing simple wrapper module.
We also have vc-module-customer-review, but there is no progress and plans for near future. You may start watching repository to get notification if something will happen.