Take over operating system and programmes in a new VM

I have a new M1 MacBook Pro and would now like to transfer my existing VM to the newly created, compatible VM in Parallels Desktop 16.5.

Surely not everything has to be completely reinstalled, right? Unfortunately, I can't find any instructions anywhere for "converting" an existing VM without having to reinstall Windows and all the programmes.

thanks for help
matts

 

Thank you Michael.

I have seen the possibility of copying the data. Since I share all content data with the Mac, this option is superfluous. It also doesn't matter to me whether I'm stuck with Windows 10 for the time being. For me, this is primarily a test environment.

But what's really annoying is that you have to reinstall the operating system and all the software. That is IN the VM and I would have liked to be able to move the entire content over after creating the new VM.