Yes, you can not only convert VHS to Blu-Ray, but 8mm, Hi8, Digital 8 or MiniDV tape to Blu-Ray as well. Keep in mind that the older formats like VHS and 8mm only had 240 lines of resolution. So, putting them on a 1080 line Blu-Ray is not going to make them look any sharper. What it will do is move your degrading video from the aging video tape onto a format that will last further into the future. Professional archival Blu-Ray disks can last up to 100 years.
In addition, any professional or broadcast quality equipment can reduce video noise and tracking issues before writing it to a Blu-Ray disk. So, usually you can get better quality video when you convert your VHS tape to Blu-Ray using professional equipment. If you decide to convert your VHS (or 8mm, Hi8, Digital 8 or MiniDV) to Blu-Ray, search out a company that will do a professional job using professional equipment. This alone can make a 20-40% difference in the quality of the Blu-Ray disk.
After you have converted your VHS to Blu-Ray keep those video tapes around. Do not throw them away. You never know when you might need to transfer video from that tape again. There are cases where the Blu-Ray disk can become scratched or cracked. In this case you would have to have the VHS tape converted again.