VRS does not support G.729, in fact none of NCH's software does. This is because the codec is proprietary (i.e. you need to pay a license to use it), and NCH has decided to only use free/open codecs in its software.
If you wish to conserve bandwidth, consider using the GSM codec. It uses hardly any bandwidth (i.e. less than G.729), is compatible with VRS and provides suitable quality for most scenarios.
Another codec to consider is G.726 (although I'm not 100% sure VRS supports it, you can give it a try). Like G.729 I believe it provides good audio quality using a reasonable amount of bandwidth.