Sure. Take the console app:
Module Module1
Sub Main()
Dim password As String = "mypass"
Console.WriteLine("password=" & password)
password = Chr(115)
password &= Chr(101)
password &= Chr(99)
password &= Chr(114)
password &= Chr(101)
password &= Chr(116)
Console.WriteLine("password=" & password)
End Sub
End Module
When you run it you will get the output
password=mypass
password=secret
If you extract the string values from the exe file (I use strings.exe, a tool from the excellent SysInternals Suite available free here) you can see the string "mypass" but not the constructed string "secret".
Please note that if you build "secret" in one line of code like
password = Chr(115) & Chr(101) & Chr(99) & Chr(114) & Chr(101) & Chr(116)
The compiler will optimize this to
password = "secret"
and, therefore, the string will be available for detection. The above method does not prevent someone extracting the string by examining the machine code with a disassembler or a debugger but it does add a level of obfuscation to prevent casual sleuthing.