Yes, there are a lot of similarities. The mechanics of gameplay are very similar, as is the style of the artwork and the look of the peeps (hardly surprising since it looks like the same artist). Anyone familiar with VV will pick up how to play VF in a few minutes.

The main difference is of course the fact that you are only looking after one family (up to eight peeps in total) whereas in VV you look after a whole tribe. That's not so easy as it sounds, though!