[Dudi]

I have always used 64 bit version on my VPS servers. I had 256MB RAM VPS from a small provider and Ubuntu 14.04 x64 run perfectly on it.
64 bit is not just handle more memory, but also has a more secure code.
On a desktop/norebook PC I would never use 64 bit under 2GB RAM, but a VPS is different.

[rahulworks]

Go for Centos for light weight and networking essentials.

[kabir145]

Go for debian 8 32bit because debain is so light and will work perfect for your needs

[Golden]

CentOS 32 bit uses less RAM compared to Ubuntu 32 bit. But it really depends on personal preference after all. I might go with Ubuntu because they update more compared to CentOS and other Linux providers.

[Arkiven4]

Maybe you must try Lubuntu 32 bit . This is modified ubuntu for low end pc or vps

Or you can use debian 32 bit

[sagher]

Maybe you must try Lubuntu 32 bit . This is modified ubuntu for low end pc or vps

Or you can use debian 32 bit

Once i use Lubuntu on my Intel ATOM 1.6GHz Core2 with 1GB RAM. but i am little confused about there command line. i think it was a limited version of Ubuntu. so i try to replace it. as early as i know about it more. So my first impression is not good for Lubuntu.
Now i have 1GB + RAM and i am successfully using Ubuntu 14.06 LTS x64 and also Debian 8 x64. for various VPS's .

[Vuluts]

With your low resource VPS, I would go for Debian 32 or Centos 32 also ofcourse it will depends also in what linux distros your familiar.