Communist-run but with capitalist leanings, and a friend to both the United States and North Korea, Vietnam will host the next summit between Donald Trump and Kim Jung Un from February 27-28.
But a declaration to end the war would have to be signed by the leaders of the main protagonists, both Koreas, China and the United States, and experts say time is very short to coordinate such a step by the end of this month.
Trump, however, did not specify whether the meeting would be held in Danang or Hanoi, two cities that have been mentioned as potential venues.
Trump could use Vietnam to "signal to Beijing that North Korea is not in your hands, we have a counterbalance to Chinese influence in this area", said Cheon Seong Whun, a visiting research fellow at the Asan Institute for Policy Studies in Seoul.
For North Korea, Vietnam is a comrade who has supported the country in war and at worldwide forums.
The president was met with groans from many members of Congress after he claimed during his speech that the United States would be at war with North Korea had he not been elected for office in 2016.
Where Singapore leans West, generally appreciative of US influence in Asia, Vietnam leans East.
South Korea and Vietnam normalized relations in 1992, and they've built similarly strong ties anchored on a high volume of trade. He expressed hopes the talks would lead to "concrete, substantive progress".
"Vietnam has cooperated well with the USA in economic development and trade relations, as well as in many other areas", he noted. The country, however, is keen to project itself on the world stage.
Opinion about Trump's outreach to Kim Jong Un divides North Korea experts.
He said that the summit will also bring a positive image of Vietnam "being a country of peace and Vietnamese people welcome it. It's yours if you'll seize the moment", Reuters reports.
For Donald Trump too, Vietnam is a safe place to meet. 'Clearly it's been a win for the North Korean dictator, ' he said.
"Much work remains to be done, but my relationship with Kim Jong Un is a good one, " he stressed.
There are an 5,000 estimated U.S. military personnel in Iraq authorised to train, advise and assist Iraqi security forces in their fight against IS, which has not fully controlled any territory in the country for more than a year. Although the relationship hasn't been ideal and both countries have had arguments about trade, Hanoi has always maintained its ties with Pyongyang. While Human Rights Watch and other groups have criticized authorities' crackdowns on dissent and Vietnam's restrictions on freedom of expression, authoritarianism has not been a deterrent to worldwide business.
In an interview with Bloomberg on January 18, Prime Minister Nguyen Xuan Phuc had also said that Vietnam would be happy to host the second U.S-North Korea summit.
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Also dampening market sentiment still were worries about weaker global economic growth and the US-China trade dispute. Meanwhile, imports are set to drop further as the U.S. slapped sanctions on Venezuelan state oil company PDVSA.
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