In the context of physics, velocity and speed have specific definitions and meanings.
Velocity is a vector quantity that includes both magnitude (speed) and direction. It describes how fast an object is moving in a specific direction. Velocity takes into account both the speed of the object and its direction of motion.
Speed, on the other hand, is a scalar quantity that represents only the magnitude of the velocity. It refers to how fast an object is moving without considering its direction.
To answer your question, if an object's velocity is increasing, it means that either its speed is increasing, its direction is changing, or both. If the direction remains constant and only the magnitude of the velocity (speed) increases, then the object is indeed approaching its speed.
However, if the direction of motion changes while the magnitude of the velocity increases, the object is not approaching its speed. In this case, the velocity is changing due to the change in direction, even though the speed is increasing.
In summary, if we consider only the magnitude of velocity (speed), an object is approaching its speed as its velocity increases, provided there is no change in direction.