There is no valor points vendor for Siege of Orgrimmar / patch 5.4.
You can do two things with your valor points that you will gain this patch:
Upgrade your PVE gear at the transmog npc.
And the second thing is to buy old PVE gear. The vendors are in the same places. Isle of Thunder for pre 5.4 patch vendors.
No vendors this patch could mean bad news for some players but from what I’ve raided so far in LFR, the drop rated look that have been increased because I got around 5 items from two raids.
This didn’t happened before.