If your host time is correct, you can set the following .vmx configuration file option to enable periodic synchronization:
tools.syncTime = true
By default, this synchronizes the time every minute. To change the periodic rate, set the following option to the desired synch time in seconds:
tools.syncTime.period = 60
For this to work you need to have VMWare tools installed in your guest OS.
See http://www.vmware.com/pdf/vmware_timekeeping.pdf for more information