Here is the fix:
- Navigate to C:\ProgramData\VMware\VMware vCenter Converter Standalone\ and open the converter-worker.xml file
- Find the <useSsl></useSsl> tags which are located inside the <nfc></nfc> tags. Change the value from "true" to "false"
- Restart the VMware vCenter Converter Standalone Worker service and re-run the P2V job
After making this change, the P2V transfer rate increased to 40 MB/s.