Коллекция ListboxItemCollection имеет тип Object.Вы можете создать собственный элемент ListItem, как этот
Public Class Form1
Private Sub Form1_Load(ByVal sender As Object, ByVal e As System.EventArgs) Handles Me.Load
BindListBox()
End Sub
Private Sub BindListBox()
With ListBox1
.Items.Add(New CustomListItem("Acitve", "A"))
.Items.Add(New CustomListItem("Inactive", "I"))
.DisplayMember = "Text"
End With
End Sub
Private Sub ListBox1_SelectedIndexChanged(ByVal sender As Object, ByVal e As System.EventArgs) Handles ListBox1.SelectedIndexChanged
MsgBox(CType(ListBox1.SelectedItem, CustomListItem).Value)
End Sub
End Class
''Custom ListItem Class
Public Class CustomListItem
Dim _text As String
Dim _value As String
Sub New(ByVal text As String, ByVal value As String)
Me._text = text
Me._value = value
End Sub
Public ReadOnly Property Text() As String
Get
Return _text
End Get
End Property
Public ReadOnly Property Value() As String
Get
Return _value
End Get
End Property
End Class