I was able to piece this code together from a variety of samples around the internet and MSDN docs. This will allow you to choose an outlook high level folder and will backup all folders underneath. In my case I didn't actually want mail folders so I exclude them.
Const BACKUP_PST_PATH As String = "C:\backup.pst"
Dim oFolder As Outlook.MAPIFolder = Nothing
Dim oMailbox As Outlook.MAPIFolder = Nothing
Dim app As New Outlook.Application()
Dim ns As Outlook.NameSpace = app.GetNamespace("MAPI")
Try
//if the file doesn not exist, outlook will create it
ns.AddStore(BACKUP_PST_PATH)
oFolder = ns.Session.Folders.GetLast()
oMailbox = ns.PickFolder()
For Each f As Outlook.Folder In oMailbox.Folders
If f.DefaultItemType <> Microsoft.Office.Interop.Outlook.OlItemType.olMailItem And f.FolderPath <> oFolder.FolderPath Then
f.CopyTo(oFolder )
End If
Next
ns.RemoveStore(oFolder)
Catch ex As Exception
ns.RemoveStore(oFolder)
IO.File.Delete(BACKUP_PST_PATH)
Throw ex
End Try