I find that NVE often gets the aspect ratio/screen size wrong if you leave it set to automatic. Manually select the size that gives you 480x480 (in this case NTSC SVCD) and your player should work properly. You'll have a widescreen picture inside 480x480 with black bars on the top and bottom (they will get cut off on a wide screen TV).
If you leave NVE on automatic, you'll end up with something like 480x560 with no black bars. This is the incorrect format, so when your player shows SVCD, you end up losing the left and right edges of the screen.