First, remember what V-TEC does: It automatically switches the valvetrain back and forth between two different camshaft profiles while you drive. (This is is tantamount to an engine tuner "swapping the cams," except that it happens on the fly in about .03 seconds.)
Tuning is an art of compromise. Because V-TEC allows them to tune one cam profile for lower engine speeds, and the other for high engine speeds, they don't need to worry about how the low-speed cam will operate at 5000 RPM and vice-versa. The range of compromises they make must in tuning each cam profile is smaller, allowing them to bring you better low-end efficiency, and better high-end power.
In the non-VTEC engine, one cam profile has to serve for the full RPM range of the engine, so they DO need to worry about how the same cam that gives a nice smooth idle at 800 RPM is going to perform at 5000 RPM. The range compromises is wider, and in making those compromises, they weren't able eke out the best possible fuel economy, lest they compromise horsepower or something else.