Trump announced that he will hold the second summit with North Korean leader Kim Jong-un in Vietnam at the end of February.
The summit would be held on February 27 and 28.
This will be the second meeting between the former adversaries who were engaged in giving war threats to each other at the end time of the year 2017.
Kim and Trump met in Singapore last year, marking the first bilateral meeting between leaders of the two countries.
Addressing Congress during his annual second State of the Union, Trump said progress has been made in his administration's efforts to achieve peace on the Korean peninsula.
The president said that although much work remains to be done, his relationship with North Korea's leader is "good." Trump, however, also gave an ominous warning about the risks of heightened tensions with Pyongyang.
He credited himself with averting a major war with the Korean country.
"If I had not been elected President of the United States, we would right now, in my opinion, be in a major war with North Korea," Trump said.
The lead US negotiator with North Korea, Stephen Biegun, is set to meet with his North Korean counterpart on Wednesday in Pyongyang.
It is not clear in which city the summit will take place. Hanoi, the nation's capital, and Da Nang, a coastal resort town, have both been floated as possibility