Private Sub cbbproject_SelectedIndexChanged(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles cbbproject.SelectedIndexChanged

    Dim conn As New System.Data.OleDb.OleDbConnection()
    conn.ConnectionString = "Provider=Microsoft.ACE.OLEDB.12.0;Data Source=C:\temp\Database1.accdb"


    If conn.State = ConnectionState.Open Then conn.Close()
    conn.Open()
    Dim sql As String = "Select * From tbl_assignment Where ProjectNo ='" & cbbproject.Items(cbbproject.SelectedIndex) & "'"
    Dim sqlCom As New System.Data.OleDb.OleDbCommand(sql, conn)
    sqlCom.Connection = conn

    Dim sqlReader As System.Data.OleDb.OleDbDataReader = sqlCom.ExecuteReader()

  While sqlReader.Read = True

            **txtpn.Text = (sqlReader.Item("[Project Name]").ToString)**
    End While
    sqlReader.Close()
    sqlCom.Dispose()
    conn.Close()
End Sub

Here you need an Alias for the column Project Name in your SQL Statement.
A simple modification is needed.

    Dim conn As New System.Data.OleDb.OleDbConnection()
    conn.ConnectionString = "Provider=Microsoft.ACE.OLEDB.12.0;Data Source=C:\temp\Database1.accdb"


    If conn.State = ConnectionState.Open Then conn.Close()
    conn.Open()
    Dim sql As String = "Select [Project Name] ProNm From tbl_assignment Where ProjectNo ='" & cbbproject.Items(cbbproject.SelectedIndex) & "'"
    Dim sqlCom As New System.Data.OleDb.OleDbCommand(sql, conn)
    sqlCom.Connection = conn

    Dim sqlReader As System.Data.OleDb.OleDbDataReader = sqlCom.ExecuteReader()

  If sqlReader.HasRows Then
        sqlReader.Read()
        txtpn.Text = (sqlReader.Item("ProNm").ToString)
    End If
    sqlReader.Close()
    sqlCom.Dispose()
    conn.Close()
End Sub
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