I presume the radio is connected with a serial-to-CAT interface?
Does the OS in the VM see the USB serial device?
If not, it's a usb problem - fix that first.
Also check radio menu for CAT port in CAT mode, and CAT baudrate.
Have you tried running something like Ham Radio Deluxe in the VM to see if it detects the radio? Normally FTBasicMMO requires the radio to be in a special powerup mode, and as I recall the evaluation version didn't allow communication with the radio (as noted in http://www.g4hfq.co.uk/mmohelp/hs200.htm
Otherwise, if the VM sees the USB-to-Serial device, and you have the right serial->radio cable, I would expect it to work.
Perhaps you can boot a linux livecd such as the one from http://shackbox.net/
to verify the usb->serial->radio connection without involving the VM.