(wait aaaaaa sorry! I realized vsqx is the one for V4 and vp4 is the one for V5, despite the fact that I literally use Vocaloid daily. Sorry about that!)
That would be the case, yes. UtaFormatix is a very helpful tool, but unfortunately it still comes with a few minor problems ("ah" lyrics, messing with the tuning when converting from UST). You may have to just retype the lyrics yourself.