Speaking to correspondents Wednesday, Kim Do-hyon underlined the great importance of the summit between U.S. President Donald Trump and North Korean leader Kim Jong-un later this month for peace and stability in the Korean peninsula.

The summit would be a solid foundation to promote "concessions" by the two sides to achieve the goal of denuclearizing the peninsula, he said.

By hosting this key summit, Vietnam has proven its geopolitical importance and demonstrated that both the U.S. and North Korea have great trust in its capability, he said.

"The summit brings great opportunities and creates a new driving force for Vietnam."

He said the summit will promote the image of Vietnam as a center of Southeast Asia, a factor that builds peace and contributes to solving the nuclear issue in the Korean peninsula.

"This is even more meaningful as Vietnam will be assuming the chairmanship of ASEAN next year," he said.

Hailing Vietnam as a dynamic and peace-loving nation, he said hosting the summit would also create an opportunity for Vietnam to further develop its trade relations with South Korea.

"Vietnam is in the process of integrating into the global economy and becoming a manufacturing center of the world. Many foreign companies from Europe and even South Korea are coming to Vietnam.

"After this summit, Vietnam-South Korea economic relations could also be expanded beyond the current state."

Speaking at a meeting on the preparations for the summit on Tuesday, Vietnamese Prime Minister Nguyen Xuan Phuc said it would be an important international event that has captured the world's special attention.

Vietnam being chosen as its host therefore helps underscore the country's rising status and demonstrates its role and positive contributions to international issues.

The summit is an opportunity for Vietnam to globally promote its image and development achievements, attract investments, boost tourism, and promote trade, he pointed out.

The second summit between Trump and Kim on February 27-28 will seek to build on the results they achieved at their first summit in Singapore last June.

The two countries’ delegations have arrived in Hanoi for preparatory work.