HOT TIP - Don't book through Agoda or other on-line booking sites or you will pay too much.
Agoda "discount price" was $38 for a single bed room, while price booking direct is 300,000 dong ($14).
Stayed here 4 nights. Ideal location, just walk across the road from the boat terminal, and walking distance to front beach and restaurants. Air-conditioned ... elevator... ... shower hot ..... fast WiFi throughout hotel (and unblocked to access FaceBook).
Note the profile pic posted on tripadvisor as at April 2012 is not the hotel in reality.
The rooms are small, but the bed comfy with clean sheets. The entire hotel could do with a re-paint and there is some minor mold/mildew in the bathroom. Typical economy hotel where the shower head is on a hose with no actual shower recess, just the bathroom itself. Staff friendly and English spoken. Breakfast not included. Within hotel is massage place offering both a legitimate massage and the hanky-panky style. Directly next door is the Rainbow bar which is like most bars in Vung Tau, a girly bar. 5 minutes walk to Belly's Bar and along the way are local Vietnamese restaurants.
Only real negative of the hotel I can speak of is the thin walls between rooms. I could hear the conversation of the next door tenants. The pool was small and not in service and appears it needs a lot of work.
I would stay here again. If you don't mind the older appearance,it is good value for money.
Don't go the extra expense of a balcony room. The balcony is small and shared along hotel front so you are really gaining nothing.