It turns out that VMware logs didn't give any feedback because OVFtool was not executing correctly. This was discovered when running OVFtool from CLI where it became apparent that a dependency libnsl was missing. After installing it and running OVFtool, it started working properly.
Checked whether OVFTool runs from CLI.
This issue exists in Fedora 29 as well. Installing libnsl resolved the issue.
This issue exists in Fedora 30 as well. libnsl was already installed. So here is the command I used instead:
ln -s /usr/lib64/libnsl.so.2 /usr/lib64/libnsl.so.1
It happened in fedora 32
* libnsl2 is installed by default
Install it libnsl solved the problem