What is the latest in password hash algorithm/data encryption for mysql?

Having me know little about cryptography, I am trying to find the best approach to hash a user password in some vb.net winform application; then store it in online mysql db. I found lots of posts about the topic but can't figure out which one is the best approach.

I reach this MSDN post but still can't be sure if I can use it.

I can't where to enter some random key, it is generated automatically by the function.

So my question is , is this a solid function for password hash? Any alternatives?

Thank you

The code:

Imports System
Imports System.IO
Imports System.Security.Cryptography



Class AesExample

    Public Shared Sub Main()
        Try

            Dim original As String = "Here is some data to encrypt!"

            ' Create a new instance of the Aes
            ' class.  This generates a new key and initialization 
            ' vector (IV).
            Using myAes As Aes = Aes.Create()

                ' Encrypt the string to an array of bytes.
                Dim encrypted As Byte() = EncryptStringToBytes_Aes(original, myAes.Key, myAes.IV)

                ' Decrypt the bytes to a string.
                Dim roundtrip As String = DecryptStringFromBytes_Aes(encrypted, myAes.Key, myAes.IV)

                'Display the original data and the decrypted data.
                Console.WriteLine("Original:   {0}", original)
                Console.WriteLine("Round Trip: {0}", roundtrip)
            End Using
        Catch e As Exception
            Console.WriteLine("Error: {0}", e.Message)
        End Try

    End Sub 'Main

    Shared Function EncryptStringToBytes_Aes(ByVal plainText As String, ByVal Key() As Byte, ByVal IV() As Byte) As Byte()
        ' Check arguments.
        If plainText Is Nothing OrElse plainText.Length