You don't have to have an absolute time standard reference for each telescope in a VLBI array, and it isn't feasible to do so at the precision needed to track the phase of 1.3mm waves with a frequency of $2.3\times 10^{11}$ Hz.
What you have is a very precise and stable local oscillator (a hydrogen maser) that timestamps all the data recorded locally. This is supplemented by GPS signals to put the data roughly in the same absolute timeframe - or "coarse synchronisation", as the M87 VLBI data-processing paper by Akiyama et al (2019) puts it.
The data are recorded and brought together for correlation. Each pair of signals (from a pair of telescopes) is roughly corrected for where they are on the Earth, the expected phase delays due to the atmosphere and the timestamp recorded from GPS. This process can only be done for about 1 second of data at a time before coherence is lost due to changes in atmospheric conditions.
Each correlation dataset is then fed into a global optimisation algorithm that allows small variations in phase due to clock errors and atmospheric variability or delays in the electronics at each site. The aim is to maximise the visibility of the inteference fringes. You might think that this approach might have too many degrees of freedom, but of course you cannot arbitrarily change the phase offset at one station without upsetting the fringe visibility seen between that station and other stations. The gist of this can be gathered by looking at the wikipedia entry on closure phase, though the actualy algorithms used for VLBI appear to be considerably more sophisticated.