I have a digitalized version of an older VHS-C recording. The current format is .mp4 (MPEG-4 AAC, H.264, stereo).
Unfortunately, there is a conversation on this tape, that is hardly readable due to the Background Noise of a visitor shuttle at Cape Canaveral.
Is there a chance to separate the conversation from the background to make it readable, and if yes, what would be the best way to do so?
Sure, these guys do this all the time: Contact your country’s security service and tell them you think the tape might contain a serious threat to the national security. 
Seriously, I’m sure some of the podcasters in this forum will be able to recommend useful software.
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Or ghost hunters.
There are some specialized tools, but you may be able to get there with some eq.
If you’re comfortable, make a copy of the audio, and put that audio info GarageBand. Then mess with the EQ. Sometimes you can just sweep the bands and find the right frequencies.
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Not easy stuff if background noise covers most of the audio spectrum. Eq and Multiband Compression would help. I think most video edition suites should include some audio plugins ( Final Cut includes eq and multipressor, and Premiere should have similar stuff). But DaVinci Resolve is free as in beer and includes a powerful audio environment called Fairlight. Would make for an interesting winter sunday afternoon.
Other than that, there are online tools that claim to do that, perhaps trying it would not hurt.
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I saw this yesterday about Adobe Podcasts. Maybe this could work?
True that.
The Final Cut Pro reduce noise check box had done magic in the past for me.
Also, another plugin you reminded me of is this one. It would help with the in between talking noise, which I have found helps as well, if for nothing else than giving your ears a break.
Denoiser Is A FREE Noise Reduction Tool For Podcasts And Music - Bedroom Producers Blog
I’ve had some decent results isolating speech and vocals using the Waves Clarity VX plugin in a DAW. Rather than reduce background noise, it uses some sort of AI voodoo to hone in on voices. It works in some situations better than others but they have a free 7 day trial if you want to test it out: