VEP is a project file associated with AVS Video Editor, a video editing software. VEP files store information in XML format, although some data may be in binary. VEP files also store references to resources stored in Content folder and used by current project. VEP is not a video stream file.
After converting the file to the new format, you will be able to use other programs to support it. Keep in mind, however, that the VEP4 file after converting to VEP may differ slightly from the original. The most important information should be kept, but if you want the file after conversion from VEP4 to VEP to be the same, you have to do this carefully and choose the proper application from the list below.
There is no guarantee, of course, that the conversion will come up to all your expectations, but it will certainly help you. If, after all, the effect of converting VEP4 to VEP does not meet your expectations, you can simply try to find on the Internet a different version of your file in VEP4 format, properly converted to a VEP file by someone else. If this fails, use the information provided in the further part of the website.
Unfortunately, if after performing the two previously described steps (trying to find your VEP4 file converted by someone else, and the attempt to convert it to VEP on your own) you still have a problem with your file, then there are only a few solutions left. You can once again try to find and install an application that can open the VEP4 file in its original format (without conversion to VEP file). Such a solution will be difficult to implement, but it certainly will give the best result.