In vb.net application I have Form1 & Form2.
When user enter data and save it by btnsave event in form1, the Form2 should show msgbox "New entry" in form2 while its still open.

How can set this event?

On your code bellow the new entry add this

 Form2.MsgBox("Your Message Here")

To you code.

Sorry i tried the above code and i got the error msg
Msgbox is not the member of form2

Add a label to your Form2.

Ow you can do as ddanbe said or put a label in your Form1, your choice and if you want to display a message then you can just hide the label and point Form1 to send message to this label then on Form2 point it to retrieve this message.

commented: Good advice. +15
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