VMware Tools Help : VMware Tools Control Panel : Setting VMware Tools Options : Configure Time Synchronization Between Guest and Host

Configure Time Synchronization Between Guest and Host
When you turn on periodic time synchronization, VMware Tools sets the time of the guest operating system to be the same as the time of the host.
After time synchronization occurs, VMware Tools checks once every minute to determine whether the clocks on the guest and host operating systems still match. If not, the clock on the guest operating system is synchronized to match the clock on the host.
Native time synchronization software, such as Network Time Protocol (NTP) for Linux and the Mac OS X, or Microsoft Windows Time Service (Win32Time) for Windows, is typically more accurate than VMware Tools periodic time synchronization and is therefore preferred. Use only one form of periodic time synchronization in your guests. If you are using native time synchronization software, turn off VMware Tools periodic time synchronization.
Regardless of whether you turn on VMware Tools periodic time synchronization, time synchronization occurs after certain operations:
Prerequisites
Disable other periodic time synchronization mechanisms. For example, some guests might have NTP or Win32Time clock synchronization turned on by default.
Procedure
1
Click the Options tab in the VMware Tools control panel.
2
Select the Time synchronization between the virtual machine and the host operating system check box.