How much time do I require to make a connection in Munich airport?

On the upside, your connection would be entirely intra-Schengen so you would not need to go through immigration or anything (note that not the body EU is relevant here but the member countries of the Schengen agreement — the latter includes e.g. Switzerland and Norway while it excludes, among others, the UK and Ireland). On the downside, Lufthansa and Vueling are in two different alliances and Terminal 2 is reserved for Lufthansa and Star Alliance flights only, meaning that you would need to change terminals.

Given that Munich is a rather large airport, the distances you may have to walk only to get from your arrival gate to the central area and then onwards into terminal one and to your departure gate can be surprisingly large. If you know your way around, if your luggage is through-checked, if your incoming flight is not delayed, if there are no long queues anywhere or if you are booking this on a single ticket, I would say you can make it — and the other answer also mentions Munich airport accomodating for transferring passengers by bringing them straight to their departure gate if need be.

You mentioned in a comment to on the other answer that you already have your first ticket into Munich, so your outbound flight out of Munich would have to be a second ticket — not to mention that they are not in the same alliance and Vueling is a low-cost carrier, all of which contribute to the low likeliness of the connection being part of one ticket. On two tickets, I would not risk it, even if I didn’t have to take care of luggage (e.g. hand luggage only).