Visual Studio: Unable to start debugging on the web server. The underlying connection was closed

I cloned a VHD from my colleague's VHD. Then I got the following error when I tried to debug an ASP.NET application.

Unable to start debugging on the web server. The underlying connection was closed: An unexpected error occurred on a send.

The reason for the above problem in my case is that my Web application is using HTTPS on localhost, but the self signed certificate biinding to HTTPs is from my old VHD and in wrong domain.

To fix the problem I have to recreate a self signed certificate and add it to the binding of your locally hosted site.

To setup IIS with HTTPs binding, read this post for detail.