AVS Video Editor, from which one vep file types originates uses .vep files to store projects, work in progress. The program itself supports export to several multimedia formats (including MPEG-4 video), however you will need the original multimedia data loaded along the projects.
A single .vep file without additional data is more or less useless, because the .vep file contains just settings and changes done to the actual multimedia files. This means that you can only convert vep to mp4 would be to use the AVS Video Editor and have the original video data referenced by the .vep project.Open VEP file Open MP4 file
A video editing software