Can a 3M backup take 10 min to perform?

We are using Moodle 2.8.7   in a  4G RAM VPS  server (hostgator)

PHP config : 1024 M memory and 300 max execution time

We are having problems with unfinished backups as it seems take it takes to long to perform: 3M backup take 10 min

Taking into account our configuration, is this performance normal? 

I'm going to ask hostgator about it but before I would like to know some ideas from Moodle community

Thanks in advance