Not the most efficient way, but found it useful as a beginner, you can use Visual Block twice to add a tag at the beginning and end of a word.
<cv> to start the visual block, and then use I to insert the first <li> ending with [esc] .<cv> to start the visual block, and then use $ to select the end of the block. Use A and then add <li> , end with [esc] .
All together: <cv>2jI<li>[esc] and <cv>2j$A<li>[esc]
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