I would like to know what is the correct format of virtual path on vb.net or vs 2010.
In my project folder, is it advisable to save it in bin folder? If yes, what will be the virtual path of it?
No, you shouldn't really use the Bin folder. Much better if you use Isolated Storaged (Users or Documents and Settings - there is a constant for it IsolatedStorage, look it up)
actually the bin folder is the best way since the files are stored at the same place as your binaries. but do never provide static path rether use
My.Application .Info .DirectoryPath & "\" & "<name of file/folder>"