Visually Rich Document Understanding (VRDU) has emerged as a critical field in document intelligence, enabling automated extraction of key information from complex documents across domains such as medical, financial, and educational applications. However, form-like documents pose unique challenges due to their complex layouts, multi-stakeholder involvement, and high structural variability. Addressing these issues, the VRD-IU Competition was introduced, focusing on extracting and localizing key information from multi-format forms within the Form-NLU dataset, which includes digital, printed, and handwritten documents. This paper presents insights from the competition, which featured two tracks: Track A, emphasizing entity-based key information retrieval, and Track B, targeting end-to-end key information localization from raw document images. With over 20 participating teams, the competition showcased various state-of-the-art methodologies, including hierarchical decomposition, transformer-based retrieval, multimodal feature fusion, and advanced object detection techniques. The top-performing models set new benchmarks in VRDU, providing valuable insights into document intelligence.