OOP concepts like classes, objects, encapsulation, inheritance, and polymorphism are important aspects of object-oriented programming and VB.NET. Classes contain attributes and behaviors that define objects. Encapsulation involves storing data and methods together in classes. Inheritance allows classes to inherit attributes and behaviors from other classes. Polymorphism enables objects to take different forms. Namespaces and value types like structures and enumerations are also key elements of OOP and VB.NET programming.