Where is guest ring-3 code run in VM environment?

Where is guest ring-3 code run in VM environment?

According to the white paper that VMWare has published, binary translation
techinology is only used in kernel (ring 0 codes), ring 3 code is
"directly executed" on cpu hardware.
As I observed, no matter how many processes are run in the guest OS, there
is always only 1 process in the host OS. So I assume all the guest ring 3
code are run in the single host process context. (for VMWare, it's
vmware-vmx.exe).
So my question here is, how do you execute so many ring 3 code natively in
a single process? Considering most of the windows exe file don't contain
relocation information, it cannot be executed somewhere else, and binary
translation is not used in ring3 code.
Thanks.