I would say using Vlc.DotNet.Forms from the nuget package manager under the tools. Use is quite simple than ActiveX.
FileInfo media = new FileInfo(<fullpath to mediafile>);
VlcControl1.SetMedia(media);
VlcControl1.play();
VlcControl1.Video.Adjustment(.Enable = true → under the same tree all video settings)
and
VlcControl1.Audio (all sound settings)
If you need to use an ActiveX player, I would go with WMP (Project → Add reference → Windows Media Player (ActiveX)), which is several times better and native if you use ActiveX.
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