Will there be crafting (non hack-n-slash gameplay)? *
Yes, and it's integral to the game.
From the Official Vanguard FAQ (original entry).
How will crafting work? *
All we can say at this point is that it will be a lot more involved, interactive, and exciting than traditional MMOG crafting systems. We feel strongly that crafting should be a lot more than click-click-click, or setting a harvesting device to extract materials while you go off to actually do something fun. More on this later.
From the Official Vanguard FAQ (original entry).
How will crafting affect the economy? *
Crafters and adventurers can not only co-exist, but they can be interdependent, allowing multiple types of play styles and preferences to exist in the same game-world making things more interesting and robust, especially when it comes to a player driven economy.
From the Official Vanguard FAQ (original entry).
How will crafting affect dropped loot? *
Some dropped loot will be materials for crafters; some materials for crafters will only be attainable by crafters; and there will still be special complete treasure found by adventurers the old fashioned way.
From the Official Vanguard FAQ (original entry).