VM 3.16 do not exist, so i suppose vm 3.0.16 and last direct update is vm 3.0.18.
Because 3.0.18 have some bugn best is to use 126.96.36.199 or beta 188.8.131.52.
Of course try this on a copy and not live site, because this can break plugins,template layouts or other extensions using Virtuemart.
In some server, max allowed memory is set to 128M as default, check if you can set this to 512M.
Another problem can be PHP max_post_size, or max upload size.
You can change this mostly in your server panel in PHP settings
.htaccess, httpd.conf or virtualhost
php_value post_max_size 8M
php_value upload_max_filesize 8M
Another problem can be max_input_vars to.