Yes, you will need to add the VPS first, then once the VPS is added you can go ahead and cancel your shared hosting plan.
Once the VPS is added you can close the shared hosting plan by visiting this link here:
Please scroll down to the “Service Plans” box and next to your hosting
plan under the “Ends?” column you should see an edit button please click
on this button and select option that reads “End Today”. A pop-up window should appear with instructions about how the account will be adjusted and you should see a credit. If everything looks okay to you just select the “OK” button at the bottom of the window. After this, your account will adjust and you should have a credit.
If you run into any issues you can submit a ticket and we will go from there.