"Intel ® Pentium ® CPU U5400 @ 1.20 GHz"
^ that likely would be your problem- encoding is still CPU bound (a couple of proof of concept and low grade for GPUs exists but that is a not happening here) and that thing is very slow.
VBA pumps video through VFW as well if memory serves- an old method of video access windows can use. Things are rarely updated here (most others shifted to directx long long ago) and as such you are probably using an older codec or worse something like motion JPEG or lossless which is even worse (I assume this is a laptop and as such has a slower hard drive).
If something like fraps or taksi does not do it for you then make sure you are using FFDShow and try recording to something a bit less demanding to encoder. Also disable what you can for VBA- you start adding in filters and CPU usages dramatically. On that note make sure you are using something like kode54's VBA or better yet VBA-m as they should have the option to use things like SSE2 which vanilla and most prior forks did not. VBA-m might have even inherited some of the code from recording grade/intended forks.
Other than that you need better hardware or maybe an encoder card (if they work with VFW that is).