Currently MonoTouch does not support Visual Basic.
We are looking at adding support for Visual Basic to upcoming versions of MonoTouch.
Technically, what needs to happen is the following: We need to provide the Visual Basic helper library (part of Microsoft.VisualBasic.dll) and compile it to work with the MonoTouch mscorlib.dll instead of the standard Mono mscorlib.dll
With the above, it will be technically possible to use Microsoft Visual Studio to compile VB libraries that will run on MonoTouch.
In order for MonoTouch to support Visual Basic on Mac OS X with MonoDevelop and Mono's own Visual Basic compiler, the compiler will need to run against the MonoTouch mscorlib.dll. Additionally, we will need to add support to our Interface Builder integration for XIB automatic property generation in VB for outlets, add support to MonoDevelop for Visual Basic/iPhone solutions, and update MonoDevelop's support for Visual Basic to the latest version.
There is currently no ETA on when either of the above will happen.