Actually it's easier to just goto the host machine in VIC under summary tab and browse the datastore. Then create a folder for the new vm, copy the vmdk file from your source vm by copy and paste within the datastore browser and then create a custom VM for the new vmdk file. Make sure your VM and folder names match and it takes 1/10th of the time to do.

Example for me was:

7gig VM:

Converter: 13mins

Direct: 3mins

Copy via Datastore browser: 1min

I made copies of 17 VM's in Under 20 mins which saved a ton of time from converter.