Panda and the Magic Serpent
白蛇伝 (original)
As a young boy, Xu-Xian is forced to free his pet, a small snake. Unbeknownst to him, the snake is actually a young snake goddess named Bai-Niang and she is in love with him. Many years later, when they are both adults, the princess is magically transformed into a human and sets out to find her love. But the local wizard believes her to be a vampire, and banishes Xu-Xian from the village in order to save him. Xu-Xian's pet pandas Panda and Mimi set out to save him and bring him, in the process becoming leaders of an animal gang.
Starring Mariko Miyagi, Hisaya Morishige
Watch "Panda and the Magic Serpent" on Amazon released in 1958. It's a fantasy and animation movie, and has a rating of 6.5 out of 10 from Imdb which is usually fine for this kind of movie, and is currently only available for purchase or rent.