If you can also manage people.
If you can also manage projects.
If you can also see the broader picture and how your company fits into it.
If you know how to delegate.
If you know how to hire and retain the right kind of talent.
If you can resolve conflicts effectively.
If you can communicate well with both engineers and customers.
Depending on your org structure you may also need to make the correct choices regarding infrastructure and technical direction as you go consistently and over a long period of time.
I've known a lot of engineers in my career. Most of them were not suitable to become a VP of engineering - including those with many years of experience.
The ability to engineer is often the smallest subset of what a VP of engineering does. It's a starting point.
Most of them spend .. most of their time in the intra political wars to keep their precious salary. I'm pretty sure they'd like to work on their stuff better, but you don't let go your millions that easily... plus you'd be replaced by someone pretty much alike.
For smaller companies, what I wrote above is actually not true. The ones I know are actually passionate, and drive the engine of the company. But then again, they don't make more than the average engineer.
(Or maybe that's just part of VP Engineering and above roles - perpetuating the myth that you are still in touch. I often wonder if these mythical sessions weren't coached for by some senior individual contributor.)
Second, the VPE must have a larger focus - seeing what's good for the entire company, not just what's good for engineering, and certainly more than what's good for the current projects. Often a straight up engineer will be (quite properly) focused mainly on whatever their current project is, and may not even have the business knowledge to fully grok how it fits in the big picture.
Lastly, the VPE needs exceptional management and leadership skills. A tech lead will have this too, but it must be much stronger at the veep level.
>> "An engineer with enough experience can do the job of a VP of engineering"
I think that's the qualification - experience.