Yes you can do it by performing V2V using vCenter Converter, where during the migration process you need to set a new disk size.
In my experience previously it takes more time, since the copy will be on file-level rather than block-level.
If you do a v2v or p2v without editing the disk size with default sizes, copy will happen block level and very fast.
Based to my experience i recommend to use the following: Shrink a VMware Virtual Machine Disk (VMDK) – virtualman
And be careful for all steps mentioned.
"Please ensure you have a valid and tested Full Backup of your virtual machine"
Also you can check the following: Best way to shrink a VMDK file (D Drive) of a VM ?
Please consider marking this answer "CORRECT" or "Helpful" if you think your question have been answered correctly.