I've certainly heard of people with a relatively low Vo2 max having a very high FTP in relation to their Vo2 max power. Like 90%+
I'm not that familiar with VT1 but I presume this means you are the opposite of the above people. I think the good news for you is that it is trainable, as is your Vo2 to a more limited extent. It might help to know more about your cycling history and what kind of riding you do?