I've frequently written code where an action relates to a class to be executed. Your process is similar. So let's assume that all of your forms are compiled into a separate assembly: Mycompany.Myapplication.DynamicFormsAssembly.dll and the dll name matches the assembly name.
void ShowDynamicForm( System.Windows.Forms.Label sender )
{
Assembly assembly = Assembly.GetAssembly( typeof( Mycompany.Myapplication.DynamicFormsAssembly ) );
Form dynamicForm = ( Form )assembly.CreateInstance( sender.TextProperty );
dynamicForm.Parent = this;
dynamicForm.Show();
}
Good luck doing this in VB.