There has been nothing confirmed, but there more than likely will be. As far as I know they're working on a VF5: R (Much like VF4: Evolution) an expansion of VF5 with two new characters, a new costume for everyone and new stages. Like I say though, I don't know about VF6. Probably will be one day, but when? Is a mystery.

I have no idea.

As far as I know, it might be both, might be neither and only for arcades. It's possible it's only for Japan. We'll just have to wait and see.

Here's a video for it anyway, showing a new character and an old one who was cut from VF4 onwards

Shun had entered the Fifth World Fighting Tournament to discover the truth behind his student's mysterious disappearance. I hope the missing student is Jackie Chan(Sing Lung which means new dragon) who had been abducted by J6. Shun Di rescue him by fighting his way through the competition, hoping that to teach his student about the secret Kung Fu from the South and avoid Drunken Kung Fu from extinction. Since Shun returned to his quiet life of retirement, Shun and his friend trained him as much as he could at the mountain so that his student will become the success one of the student fighters in tournament competitions one day.

In order to test his Kung Fu skills, Sing Lung enter the new fighting tournament to show Shun Di and other masters about the real martial arts and to win the title of World Fighting Tournament once and for all.

I hope Sing Lung will becomes the new characters for next installment Virtua Fighter 6,Virtua Fighter 6 will going to be more interesting with Jackie Chan (Sing Lung) using fighting styles influenced from his period kung fu films (Notably Drunken Master and Snake in Eagle's Shadow)

i hope there will be a VF6, VF5 is good.