Yes, but of course deployment and even build of the application has nothing to do with Visual Studio; it does not participate. Yes, build, too: MSBuild and compilers are included in (re-distributable) .NET Framework, so Visual Studio does not compile anything by itself and not needed for the build, which is done via MSBuild (or via just the compiler, but this is lower-level and kind of exotic).
So, the remaining question is: how to deploy the .NET Framework with the product? This is explained here:
http://msdn.microsoft.com/en-us/library/6hbb4k3e%28v=vs.100%29.aspx[
^].
—SA