If the text file is delimited with something (eg comma) then you can split the line into an array eg
var reader = new StreamReader(File.OpenRead(path));
while (!reader.EndOfStream)
{
var line = reader.ReadLine();
string[] LineCol;
LineCol = line.Split(',');
}
From there you can set the columns to each part of the line.
Sorry in c#, but the princple is the same for VB