Installing Digium’s g.729 codec for Asterisk on an OpenVZ VPS requires an Asterisk friendly VPS provider. This is because the installation routine relies on there being an ‘eth0’ device on the server. This is not normally the case with OpenVZ where the network device is called venet0.
An ‘eth0’ device can be created on the VPS by running the following command (this is done on the OpenVZ server) –
(see here for more information – http://wiki.openvz.org/Asterisk_G729)