Does Vegas have a similar audio effect that Premiere Pro has which is called "Denoise". It reduces the amount of background hum in audio clips. Can someone let me know? Thank you kindly.
I am not aware of any audio noise reduction plug-ins that are included with VP. OTOH, Sound Forge 'Audio Studio', 'Cleaning Lab' and 'Pro' have many options, for instance, Pro 14 includes the legacy NR-2.0 suite, iZotope's RX Elements and with the optional Spectral Layers Pro. All integrate with VP nicely.
btw, A 50-60Hz (ground loop type) hum can be attenuated with a notch filter (EQ). Some parametric and paragraphic EQs even have presets. There are loads of these EQs available.. free of otherwise. KVRAudio.com and audiopluginsforfree.com are a good place to see what is available.
If you like freeware, assign e.g. Audacity as your external audio editor in preferences, then right click on your audio event and select "Open in audio editor" (shortcut Crtl-E) or "Open copy in audio editor".
There are guides for using audacity denoising vegas pro in youtube , another try may be the vegas plug-in "express Fx audio restoration".
RX elements (in my case RX6) is more sophisticated and maybe morer versatile.