There are three solutions you can use to work around this problem.
Note: VMware does not disable SELinux.
Open a terminal window and run the following command as root to restart vmware-tools. You need to do this after you boot the virtual machine, each time.
[root@linux_vm]# /etc/init.d/vmware-tools restart
At boot, VMware's vmware-guestd process runs within the Red Hat/SELinux security context initrc_t. When the process runs in this context, it does not have the necessary privileges to mount(2) /mnt/hgfs and, therefore, your shared folders do not show up. When you restart the VMware services after boot, they run within the default unconfined_t context for non-targeted processes within Red Hat's default "targeted" SELinux policy. Running under this context provides the needed privileges to mount(2) the hgfs shared folders.
Disable SELinux by supplying the selinux=0 parameter to the kernel in the grub.conf file by running this command:
kernel /vmlinuz-2.6.xxx_FC4 ro selinux=0
Caution: Restarting VMware's services simply restarts the vmware-guestd process, which allows it to successfully complete the mount(2) as described above. Setting selinux=0 in your grub.conf file disables SELinux entirely and removes the security checks that cause the boot-time mount(2) from failing. This second solution also disables all SELinux-associated security checks and should only be used if you are certain that you do not need them in your virtual machine.
Another option is to modify the /etc/init.d/vmware-tools file to run vmware-guestd within a specific context using the /usr/bin/runcon command. You can do this with something similar to the following in the vmware_start_guestd() function of the init.d file:
/usr/bin/runcon -t unconfined_t -- /path/to/vmware-guestd \
--background /path/to/vmware-guestd.pid
Note: You need to replace the paths with the variables that show up in that file. The command is shown split across 2 lines with a newline escape character (\).
Warning: This solution might cause warning messages or failure to remove the vmware-tools file when uninstalling or upgrading VMware Tools because the file has been modified. Make sure you keep a copy of the original vmware-tools file before editing it.