"Bạn múa và tôi hát."

Translation: You dance and I sing.

[Grokford]

What is the difference between múa and the other verb for dance?

[Huy_Ngo]

Múa: Usually for performance. You can see someone múa on a stage.
Nhảy: Usually you nhảy with a partner, or dancing with EDM (i.e. not for performance).
Well, I've never been aware of its meaning, but this is the best definition I can make.

[rocha92]

Makes a lot of sense if Nhảy also means "jump".