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Over the five years since Russia and Vietnam signed the Declaration on Strategic Partnership, relations between the two countries have reached a new level of quality, President Vladimir Putin said at a press conference following bilateral talks in Hanoi.

The close positions the two countries share on the international stage enable them to work together effectively. Mr Putin noted the good prospects for cooperation in areas such as the mining industry, minerals prospecting, telecommunications, the metals sector, agribusiness, transport and investment.

Mr Putin said he hopes that the new Russian-Vietnamese Bank, which has just begun operations, will make the banking settlements system more efficient and ensure reliable guarantees for loans and insurance deals.