Thank you for the question. The vagina itself is the muscular canal that is part of the female genitalia. I imagine that you are probably asking about the mons area which is a fatty zone that protects the pubic bone and contains the majority of the pubic hair. That area can be improved with liposuction although it may need an actual skin excision/tightening procedure if it is a skin draping problem as opposed to just a small area of fatty excess. The area can be treated quickly with liposuction but can remain somewhat swollen for weeks or months after the procedure. Please see a board certified plastic surgeon for a complete consult.
Judging by the graphic you’ve included with your question, you’d like to have liposuction of your mons pubis, which is the region just above the pubic area. This is actually a common spot for liposuction to treat, as fatty tissue can gather here and appear rather prominent. As far as if lipo is possible inside of the vagina, the answer is no. However, feminine rejuvenation procedures, such as labiaplasty, can address vaginal laxity and other changes that may result from childbirth, menopause or aging.