It looks like ntpd was not included as part of the default vMA 5 installation. You can easily install it by using zypper (http://www.virtuallyghetto.com/2011/07/tips-and-tricks-for-vma-5.html)
Thanks for the tip , will give it a try.
Try the steps in the following blog.
http://communities.vmware.com/people/yezdi/blog/2012/02/06/configuring-ntp-client-in-vma-50