Radio frequency fingerprinting (RFF) is based on identification of unique features of RF transient signals emitted by radio devices. RF transient signals of radio devices are short in duration, non-stationary and nonlinear time series. This paper evaluates the performance of RF fingerprinting method based on variational mode decomposition (VMD). For this purpose, VMD is used to decompose Bluetooth (BT) transient signals into a series of band-limited modes, and then, the transient signal is reconstructed from the modes. Higher order statistical (HOS) features are extracted from the complex form of reconstructed transients. Then, Linear Support Vector Machine (LVM) classifier is used to identify BT devices. The method has been tested experimentally with BT devices of different brands, models and series. The classification performance shows that VMD based RF fingerprinting method achieves better performance (at least 8% higher) than time-frequency-energy (TFED) distribution based methods such as Hilbert-Huang Transform. This is demonstrated with the same dataset but with smaller number of features (nine features) and slightly lower (2-3 dB) SNR levels.