Are you asking about MEMORY that is RAM or disk space? Given the numbers you are throwing out it must be DISK SPACE, which is NOT memory.
You can reduce the size of the virtual disk many ways.
1) Recreate the VM with a smaller disk - and when doing so choose a DYNAMIC disk instead of a static one, it will then be smaller than even what you specify the size to be and will grow to potentially be the full size that you specify on it's creation.
2) If you stuck with the VDI disk type you can use the CloneVDI tool
viewtopic.php?t=22422 and make a second disk of smaller size then release the original, attach the new and delete the original one.
3) You can create a new smaller disk and attach it to the VM, then use a clone tool like Ghost to copy the contents to the new disk. Shut down the VM, detach the larger disk, move the new one up to it's place on the controller and then delete the original.
I'm sure there are a few more ways but one of these will work for you.