@Tomohiro Kajita san,
(The same comment in Japanese is shared here.)
Which version of APIM are you using, Classic (STv2) or V2?
In the case of Classic, APIM Standard SKU doesn't support private endpoints for connections to the backend (please check the document below). If the VM allows access via a Public IP, it should be possible to connect to the API from APIM. However, at this time, it is likely that access via a Public IP is not permitted.
https://learn.microsoft.com/azure/api-management/api-management-features
In the case of V2, you can access resources within the VNET by configuring VNET integration. To access the API hosted by the VM, you can configure VNET integration for the VNET that the VM is connected to.
https://learn.microsoft.com/azure/api-management/v2-service-tiers-overview#networking-options