Heat your oven to 350°F. Place the raw hazelnuts in a baking pan, making sure that there is enough room in the pan so that the hazelnuts are in a single layer. Place the pan in the oven to toast the hazelnuts, checking and stirring every 2 minutes. The hazelnuts should be sufficiently toasted with an 8 to 10 minutes. Remove the hazelnuts from the oven, and allow to cool completely.
Place the hazelnuts in a food processor, and process for about 10 seconds, until the hazelnuts are finely ground. Add the vegetable oil through the feed tube, and process for another 10 seconds until the mixture becomes smooth.
Stop the food processor, and open the container. Add the chocolate chips, cocoa, powdered sugar, and vanilla. Close the container again, and process until the mixture is very smooth, about 2 minutes.
The chocolate hazelnut spread is ready to eat or use immediately. Store in the refrigerator.