HDMI is a digital signal, thus there is no degridation over distance and the quality does not matter. Either the 1's and 0's show up or they don't.
VGA is anolog, which does degrade over distance, and the material used does matter as to conductivity, meaning the quality of the signal. Frankly, having said that, I'd go with the cheap option if you're distance is short. (Can always return if it it's sub-par.) I've used a cheap, as in "came with a product" cheap VGA cable in this same way, and it looked just fine. I'm using HDMI now simply because it's less cables with audio being within the same cable.