If you're using a condenser microphone with the VE-5, you will most likely need to turn on the Phantom Power switch for the microphone to work.
Here's how.

1. Press MENU.

2. Press the cursor right (>) button 3 times to select "PhantomPower."

3. Turn the SOUND knob to select "On."

4. Press EXIT when you're finished. The new setting is saved automatically.