In Creator Mode, you could manually use Impact Morphs on the Thighs and/or Pre-Made "Clothing Tightening" type Morphs made by various people here on the Hub, not that those Morphs exist by the millions though; they're kinda rare to be honest. But I've seen them. The "problem" with this method, however, is that the Morphs in question you'd be using to manually create the desired effect of stockings 'pushing down' on the Thighs would have probably been made by the author to 'fit' very specific Stockings (or other tightening clothing items) that you might not have yourself, or that you might not like on your character. In such a situation you'd see the 'concave' push of vertices on the affected region (by the Morphs) BUT the clothing wouldn't get to that part (if it's a different clothing item, compared to the one intended to be used by the author of such Morphs).
I've done what I'm describing for Boobs specifically (having say, a 'tube' type bikini that is "pushing" and squeezing down on the Boobs; but it does require the clothing item to NOT be physics-based so that it adheres to the body shape or Boobs shape first; and THEN from there you modify the Boobs shapes with those custom Morphs to give the impression that the tube bikini is doing that effect, just as an example here; the same method would be used for Thighs and stocking items).
Also, what Gorvman describes above can be 'rectified' to some degree IF the clothing item has Physics. Again in Creator Mode you'd have to go to the item's Physics options and play around with some sliders like Stiffness or Distance in order to 'tighten' something like suspenders for example, so that it "goes away" from the body and becomes less dependent on the body's vertices to have a shape to adhere to (basically you're "fighting" against the fact that most clothing in VAM 'tries to' adhere to the body's surface at all times). In addition to all this, there's another layer and that is the one of Body Colliders; which absolutely can and do regularly affect how clothing items (again, with Physics) will "shape" to a body (or seemingly be pushed away and create 'gaps'; that would be because of Body Colliders being too big or not placed properly for the character Atom).
So all in all, no, VAM 'itself' does not really create "pushing" or tightening on the body with clothing items (not dynamically anyways), but with a number of custom body Morphs it's possible to manually create that effect as a workaround (to some degree, that method does have its own limitations and is potentially time-consuming if you want to do it on multiple characters and for specific clothing items).