Using progress bar in vb.net

As you are working in the UI anyway why use a backgroundworker - just update the progress bar within the loop.

This CP article shows how to display text (percentage complete) "on" the progress bar - Add the Percent (or Any Text) into a Standard Progress Bar Control[^]

As the article is in C# I've converted it for you

Private Sub UpdateProgressBar(ByVal percent As Integer)

    Dim percentText As String = percent.ToString() + "%"
    Dim font As Font = SystemFonts.DefaultFont
    ProgressBar1.Value = percent

    Using gr = ProgressBar1.CreateGraphics()
        Dim X As Single = ProgressBar1.Width / 2 - (gr.MeasureString(percentText, font).Width / 2.0F)
        Dim Y As Single = ProgressBar1.Height / 2 - (gr.MeasureString(percentText, font).Height / 2.0F)
        gr.DrawString(percentText, font, Brushes.Black, New PointF(X, Y))
    End Using
End Sub

I tested my conversion using a standard ProgressBar control(ProgressBar1 above) using the following code

ListBox1.Items.Clear()

Dim maxValue = 200000
Dim displayInterval = 5000
ProgressBar1.Maximum = 100

For i = 0 To maxValue
    ListBox1.Items.Add(i)
    If i Mod displayInterval = 0 Then
        UpdateProgressBar(i * 100 \ maxValue)
    End If
Next

Note that I don't change the display for every single loop - there is not much point - see displayInterval above. Play about with the value until you get the effect you desire