Last year, the country ranked 75 out of 133 countries and territories.
The WEF said the advance was a positive sign for Viet Nam as the report was based on four main criteria - inflation, infrastructure, skilled labour and corruption.
The WEF uses publicly available data and a comprehensive annual survey by economists and businessmen when accessing an economy's competitiveness.
Switzerland continues to top the overall rankings. The United States fell two places to fourth position. The other leading countries are Sweden, Singapore, Germany, Japan, Holland, Denmark and Canada.
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