I've stayed at the Dinh Phat Hotel on my last 2 visits to HCMC and I thoroughly recommend it. It's on a quiet street near the Ben Thanh Market and the Fine Arts Museum but far enough away from the noisier backpacker area. At the moment there is a new building going up nearby but I haven't noticed any noise problems. However, I'd advise asking for a room on the upper floors as these are quieter. The staff are friendly and helpful with a good level of English spoken at the front desk and an enjoyable breakfast. My favourite thing is the bath tub that's been in every room I've had and loads of hot water.
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