Hi
In practice, you just update a vib like this:
esxcli software vib update -v {VIBFILE} or esxcli software vib update -d {OFFLINE_BUNDLE}
https://pibytes.wordpress.com/2013/02/17/vmware-esxi-network-driver-install-and-upgrade/
But for the P3700, I was told to uninstall the old vib and install the new one. So I did that.
You should find examples on both cases in the blog I linked to.