How to install vim on CentOS 8 using dnf/yum

Originally published at: https://www.cyberciti.biz/faq/how-to-install-vim-on-centos-8-using-dnf-yum/

I like VIM text editor a lot, and it is missing on my CentOS 8 box. How do I install vim on CentOS 8 Linux cloud server?