https://support.microsoft.com/en-ca/kb/2977003
"Visual C++ Redistributable Packages install runtime components of Visual C++ Libraries on a computer that does not have Visual C++ installed. The libraries are required to run applications that are developed by using the corresponding version of Visual C++."
And an overview here:
https://msdn.microsoft.com/en-us/library/ms235299.aspx
Visual C++ libraries are not a core component of Windows; they are run-time support for Visual C++ programs. Microsoft calls them "redistributable".
If you write a program which depends on this, it behooves you to ship the exact version you're testing with and install it in the same directory as your executables. (See the "corresponding version" remark above from Microsoft themselves!)
(Which is why it is a myth that MinGW makes "native" Windows executables that don't need anything; in fact they rely on some program having been installed before them which rudely put some version of the MSVCRT.DLL into the System folder.)