Actually, your deduction is logical. But you must pay attention that you are talking about transport layer (layer 4 of the OSI model) VC. Although, TCP is usally used to form a VC, sometimes you may find another transport protocol named SCTP that works over IP directly or over UDP (don't be confused, SCTP will manage the reliability of the connection ;)).
On the other hand, VCs exist also on data link and network layers (layers 2/3 of the OSI model). Here the connection is a layer 2/3 connection, e.g. ATM, Frame Relay ... (it has nothing to do with transport layer). So transport protocol may be TCP or UDP or others ...
Hope this clarified the idea :)