We stayed at Vinh Hung 3 in August this year. We had booked (via Agoda) a standard double room with balcony on 2nd floor.
A query to the hotel had stated that "our standard rooms have window, have no view and balcony" - however, the reality was that even though the room did have a window it faced another hotel's wall. They did however mention that if we wanted a room with balcony, we should have booked their Superior or Deluxe room. The Deluxe room is located on 2nd floor and Superior on the 3rd floor.
In addition, I read somewhere that the best rooms are at the rear of the hotel.
In terms of distance, it took us about 10-15 minutes leisurely walk to reach the river / Japanese covered bridge.
In terms of location and what is nearby, the hotel is located on a relatively quite street with a few other similar hotels nearby. There's a shop renting bicycles almost next door. There is a (24 hour?) convenience store about 2-3 minutes walk away. The famous Hoi An tailors are about 5 minutes walk away.
The breakfast was quite decent as well.
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