Yes you are qualified, read the following blog post by Scott Vessey, a VCI based out of the UK to explain it better.
http://vmwaretraining.blogspot.com/2011/07/how-does-vcp3-holder-update-to-vcp5.html
Tom Howarth VCP / VCAP / vExpert
VMware Communities User Moderator
Blog: http://www.planetvm.net
Contributing author on VMware vSphere and Virtual Infrastructure Security: Securing ESX and the Virtual Environment
Contributing author on VCP VMware Certified Professional on VSphere 4 Study Guide: Exam VCP-410
