In English, viz. means that is or namely. It’s used in legal and technical writing as well as in footnotes of books because it saves space. Elsewhere it is unpronounceable, so it should give way a more familiar alternative.
Viz. is short for the Latin loanword videlicet (meaning, literally, it is permitted to see). As with the abbreviations e.g. and i.e., viz. is followed by a period and should be set off from the surrounding sentence by commas.
This World Cup is seen to be contested between only six major competitors, viz. India, Australia, South Africa, England, Sri Lanka and New Zealand. [iSport.in]
Now, Payanam, which is to roll out of the Prakash Raj stable soon, is again on a subject Radha hasn’t handled before, viz., airline hijack. [The Hindu]