Yes, they can be run at the same time, on the same license, for up to a year.
We've had netlab for over 10 years, and I upgraded our AE system to the new VE last year. You likely need a new server to run ESXi and host the new netlab VE virtual machine. I did so, and setup the new VE with a new name (netlab2) and IP address - it even grabbed it's own TLS certificate automatically through Let's Encrypt.
The new system works MUCH better with virtual machines, and no longer required java installed for all your students!
I need to know if anyone has experience updating to Netlab Security VE edition. I need to know if the VE edition and old system can be run together at the same time? Thanks