Is our love affair with GDP coming to an end? If you were following this year’s Annual Meeting in Davos, you’d be forgiven for thinking that this is indeed the case. In three separate sessions, two giants of the financial world and one leading academic were all in agreement: gross domestic product – the estimate of the total value of goods and services a country produces – is up for review. Nobel Prize winning economist Joseph Stiglitz, IMF head Christine Lagarde and MIT professor Erik Brynjolfsson all said GDP is a poor indicator of progress, and argued for a change to the way we measure economic and social development. “We have to go back to GDP, the calculation of productivity, the value of things – in order to assess, and probably change, the way we look at the economy,” said Lagarde. As the business landscape reinvents itself, demographics shift, inequality expands, climate change gets worse and technology continues to advance at … [Read more...] about Beyond GDP – is it time to rethink the way we measure growth?
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Gold jumps after surge in global price Domestic gold prices shot up by VND700,000 a tael yesterday, the highest in last six months, after a sudden surge in the global market. On the Comex division of the New York Mercantile Exchange, gold futures for October delivery were up 0.76 per cent and trading was at $1,691.6 a troy ounce, up from a session low of $1,646.45 and down from a high of $1,671.55 a troy ounce early during the session. Saigon Jewelry Company, the country's largest gold trader and producer of gold bullion, under the popular brand name 'SJC', hiked around VND600,000 compared to yesterday's closing session, bringing the metal to VND44.95 million and selling at VND45.15 million. Meanwhile Bao Tin Minh Chau in Hanoi quoted at VND44.9-45.14 million a tael for bid and ask respectively, while Nguyen Vu Shop in Dinh Tien Hoang Street in District 1 listed at VND45.0-45.12 for bid and ask respectively as of 10.30am Vietnamese time. Saigon Jewelry Company was allowed to … [Read more...] about BUSINESS IN BRIEF 2/9
Haiphong ranks second in FDI attraction Over the past eight months, the northern port city of Haiphong has attracted over US$1.1 billion in new foreign direct investment (FDI) ranking second in the country after Binh Duong province in the south. The city issued licenses for 20 new FDI projects, capitalizing at US$1 billion, and approved 18 existing projects registering to increase an additional of US$77.46 million. Of the total value, 97 percent comes from Japan, mainly for high-tech industry projects. Most notable are the US$547.8 million Bridgestone rubber tire company, the US$250 million Nipro Pharma Vietnam and the US$199 million Fuji Xerox Haiphong. General Electric Vietnam registered the biggest increase in capital with US$43 million. However, several projects have had to reduce their investment or stop operations. One cut US$47.192 million in capital, two were dissolved ahead of schedule, three were merged, another ran out of operation time, and four more had their … [Read more...] about BUSINESS IN BRIEF 3/9
Gold prices hit VND47.85 mil per tael SJC gold in HCM City on October 4 reached VND47.55-47.85 million per tael, up VND50,000 from the previous trading session. In the meantime, SJC gold in Hanoi rose by VND450,000 per tael to VND47.55-47.87 million per tael, a record high ever seen in a year. On the global market, Kitco gold jumped to US$1.778.8 per ounce, up US$5 per ounce compared to the previous trading session while Comex gold for December delivery showed an increase of US$4.2 to US$1.779.8 per ounce. Early this week, gold prices reached US$1.791.2 per ounce, the highest level since November 2011. Vietnam's trade deficit with China estimated at US$11 bil Vietnam's trade deficit with China was estimated at more than US$11 billion in the past nine months. The General Statistics Office (GSO) said total exports to China reached nearly US$83.8 billion while imports from the country stayed at US$83.7 million. Currently, China is the largest trade partner which makes up nearly 25 … [Read more...] about BUSINESS IN BRIEF 6/10
Europe to channel investment into Vietnam Investors are retrieving their capital from Greece, Italy and Spain and other European Union countries to be channelled into Vietnam this year, said Radio the Voice of Russia on March 14. Experts said Vietnam's socio-political stability is an important decisive factor for investors. The country's poverty rate fell from 58 percent in the early 1990s to 9.5 percent in 2010. In addition, Vietnam jumped 16 steps to rank 61st in the 2010 Legatum Prosperity Index Table Ranking of the London-based Legatum Institute. According to a Bloomberg News forecast, in future, Vietnam's economic development prospects will be ranked third in Asia after China and India. In the meantime, Seekingalpha website said Vietnam has recently captured the attention of investors because of its sizeable population of 90 million and its rapidly growing middle class. Because Vietnam's population is young - more than half the country is under 30 — this … [Read more...] about BUSINESS IN BRIEF 21/3