On processors with Hyper-threading, each core will provide two logical processors, then if you have a Quad-core processor with hyper-threading you will see 8 logical processors and in a Quad-core processor without hyper-threading you will see 4 logical processors.
If your system have a Quad-core without hyper-threading and your application requires to two vCPUs you will be able to create without problem, since do you have four cores available on your system.
Check some addtional information on vSphere documentation: Hyperthreading