Yes, vb.net "online" is the equivalent to an asp.net web application using vb.net as the programming code. To do this, you need an IIS web server. While not required, I would recommend that you build your pages using Visual Studio. You can event download the express edition which is free. The nice thing about asp.net is that you can split the HTML and code into two seperate files. The .aspx file contains the HTML and web controls, while the aspx.vb file holds the VB code.
Upload your web to a web server running IIS, with the dotNet framework installed and enabled, and you are good to go.