So lots of factors here. Time Machine is unreliable for virtual machine backups - it may or may not work. If you can, pick the most recent backup when the VM was backed up while shut down - Fusion not running. Going forward, it's best to exclude it from time machine and use another backup method BTW.
When you first open the virtual machine you'll be prompted to upgrade the virtual hardware (do it), and then after booting you'll need to upgrade vmware tools and then reboot the guest.
If the VM wasn't shut down when backed up (e.g. just suspended) you may have to do a force reboot of it, which can corrupt the virtual disk - but works most of the time. The real risk here is if TM gives you a clean backup to restore or not.
