You could get each line, put in a textbox and then for each line there is, create a new label displaying the value and the tag of the xml file (of that line)
Perhaps see:
StackOverFlow - Best Way to read a textbox line by line
StackOverFlow - Adding A Control Or Controls In vb.net At Runtime (goto sol. 2)
If you don't want to make labels, just insert into the textbox!
To separate the tag from the label, use
String.Replace(OldChar, NewChar)
If anymore help is required, just ask :|
Edit:
BackGroundWorker Would Help if there are hundreds of entries...
Edit 2, Code:
textbox.visible=false
textbox.text=my.computer.filesystem.readalltext(FileLocationHere)
For Each strLine As string In textbox.text.split(vbnewline)
Dim prevlocx as integer = 100
Dim x as new label
x.text = strline
x.location = new point(prevlocx, 40)
myform.controls.add(x)
x+=15
Next
Implement a background worker if you want to.