The following information was taken from https://www.videolan.org/support/faq.html#StrangeBehaviour

VLC doesn't display all subtitles

If VLC has auto detected your subtitles file, or if you opened it manually, but VLC only displays some subtitles from time to time, you will need to change the subtitles file encoding.

1. Go to Tools → Preferences → Input / Codecs → Other codecs → Subtitles, and set Subtitle text encoding to the correct one.
2. Go to Tools →  Preferences → Video → Display:Output, and set Video output module to DirectX (DirectDraw) video output.

Also, you might need to uncheck the box for  DirectX:Use hardware YUV -> RGB conversions.

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