Hit Ctrl + P to open prefs and then click "All" at the bottom to open the Advanced menu. In the Search field top left type "head" (without quotes) and then click "Headphone effect" in the left hand panel. In the right hand panel the figure "10" represents the distance between the left speaker and the listener in meters. You can reduce or increase that figure to your liking.
The option to "Compensate delay" can be employed to compensate between speech and lip movement when watching a movie. There's also an option to disable Dolby Surround, but it's not recommended to use it.
In the left hand panel "Spatialaudio" is also an option if the playback is stereo. Checkmark "Headphones mode" to enable it. Similarly if you have an HRTF (Head Related Transfer Function) on your system you can enable that as well. More on that subject here:
https://3diosound.com/blogs/learn-about ... at-is-hrtf
After making your choices, save and then exit vlc and restart.
EDIT:
forgot to add menu screenshot.
(click to enlarge)