I'm not sure if Vodaphone supports Hotspot. However, if it isn't showing up in settings right away, you may need to go to a different location in settings to get it configured.
First, make sure you have this option enabled through your carrier. If it isn't, your iPad won't even give you the option. Once you confirm that, go to Settings > General > Network > Personal Hotspot. Here it will give you the option to turn on Personal Hotspot and show you the password to access it via Wi-Fi. You can change that password if you wish.
After you have turned it on the first time, it will show as the third item down in the main settings menu and can be turned on and off there.
You do not need to configure VPN for Hotspot. However, if you choose to, those options are also under the network menu.
Hope that helps and good luck!