If your PNG file contains an Alpha channel, then place it on the timeline of Vegas, right click on the event, select PROPERTIES, go to tab MENU and select from the alpha channel pulldown menu the right option. If you don’t know which option you need, just try to see which one works best.
(JPG files never contain a alpha channel. For PNG files you have to make sure you create it with alpha channel. If you are not sure, place it on this forum and we will check for you).
Theo