Sanjay, the answer really is "Yes," but not directly. :) If you just put it in the wrong folder by mistake, then it is probably quicker for you to delete it and provision it in the correct folder. But....not always. For instance, say you placed it in your Dev folder, and now you want to move it (promote it) into the QA folder. Stop the Dev VDB. Then provision a VDB into QA using that Dev VDB as the source. And stand it up.Voila, you have moved it! That's the power of Delphix.
I know what you are going to say.... that's not a move button! Well, maybe not. But, sometimes we have to look at problems a little differently. After all, how do we have to rename files in a Unix system....?