"We are getting new tools for collaborative work," Putin said at the ribbon-cutting ceremony for the joint bank, co-established by the Russian state-run foreign trade bank Vneshtorgbank and Vietnam's Investment and Development Bank. "In the past, weaponry was king. And now we need new economic structures."
Putin attended the bank's inauguration as part of an official visit to Vietnam, which followed his participation in a two-day Asia-Pacific Economic Cooperation summit, hosted by the Vietnamese capital this weekend.
Presidential aide Sergei Prikhodko said financial mechanisms to be provided by the new bank will be crucial to the development of Russian-Vietnamese economic cooperation, as "lots of good projects, notably in agriculture, have collapsed precisely because of a lack of instruments."
"The joint bank is expected to facilitate settlements, loan guarantees, and insurance of transactions," he said.
During Putin's visit, the Central Bank of Russia and the National Bank of Vietnam will sign an agreement on the oversight of banking operations while Russian savings bank Sberbank and Vietnam's Foreign Trade Bank will conclude a cooperation accord.