Migrate VM from Mac 32 bit to 64 bit

I have a VM installed in Mojave (32 bit) and wondered about my options when 1 upgrade my computer to MacOS 15.0. (64 bit). Are I right to assume that I need to reinstall Parallels so I have a 64 bit version once I upgrade. Will have to download a new version of Parallels that runs natively in 64 bit or will my current installer handle either 32 or 64 bit installations? Once I upgrade my system, can I exported the previous VM which was created in Mojave? Of do I have to start out again from scratch?

 

Hello Chris, no need to restart the Parallels Desktop after the update. Thanks.