Enterprise architecture deals with the structure of an enterprise, relationships and interactions of its units. It provides a holistic approach to reconcile IT and Business concerns in an enterprise. Virtual Enterprises are collaborative ad-hoc alliances of multiple enterprises for a specific business opportunity. First, the authors discuss both paradigms and then the Enterprise Architecture viewpoint of Virtual Enterprise and provide a definition of Virtual Enterprise, Enterprise Architecture and Virtual Enterprise Architecture. This paper surveys research into formal models of Virtual Enterprise Architecture (modelling languages, reference models and architecture frameworks) and identifies current gaps in this research.