Can you list your GPU?
Not all codecs support GPU Rendering, and the most used one ( MainConcept ) is not updated for a few years now ( since it was purchased by DivX ). That means that the last GPU units to be supported are the 5xxx and 6xxx Radeon Series. Forget about nVidia GPUs as the OpenCL on these is a lot worse than on AMD. So unfortunately newer GPUs such as yours(if you have a newer card) won't do much help.
Activate GPU Processing in Vegas and try to render a small file ( 30 sec movie ) as an Core AVC .mp4 file with both CPU Only and GPU and note the time differences. I hope I am wrong
The speed gain when rendering with GPU rather than just CPU is INSANE - sometimes it's about 4-5 times, and if you use Video FX that are GPU Accelerated - that speed could be even higher ( if you use supported GPUs of course ).
I've seen my friends use his HD6950 just for Vegas and I must say the speed gain is VERY visible.