Yes, you are right. It is vacuously true. Here's a more detailed explanation of why:
In math, either a statement is true, or its negation is true (but not both). That means, for example, either the statement (a) $\forall x \in \emptyset$, $x^{2} = 1$ or its negation, (b) $\exists x \in \emptyset$ such that $x^{2} \
eq 1$, is true, and the other is false.
It's clear that statement (b) is false since $\exists x \in \emptyset$ is a false statement. So, since statement (b) is false, its negation, statement (a), must be true (it's called vacuously true).