Yes provided the later versions are VEGAS Movie Studio versions. VMS was discontinued at version 17. Later Movie Studio versions are Magix Movie Studio based on Magix Movie Edit Pro. They will not properly open old VMS "vf" files.
Also be aware that if you used Third Party plug-ins they may not be usable in later versions. This is because they may be tied to the version they came with or because of Vegas changes in later versions. But you should not have problems with VMS's inbuilt FX, Transitions etc.