Hanoi, Vietnam (CNN) Vietnamese Prime Minister Nguyen Xuan Phuc said his country will "spare no effort" to host a successful summit between North Korea and the United States because in the end, it would be less costly than a war.

"For the peace of the world, for a connected and developed world, let's shake hands. We shall develop together and contribute to global stability," Nguyen told CNN.

In an international exclusive interview with CNN, Nguyen -- the second in line of Vietnam's ruling Communist Party -- said that the country hopes to play more than just host to US President Donald Trump and North Korean leader Kim Jong Un, but rather prove itself as an example of the benefits of peace, reconciliation and market liberalization.

Kim arrived in Vietnam Tuesday after a two-and-a-half day train trip to the country. He was welcomed by Vietnamese officials and a guard of honor in the border city of Dong Dang. Kim then got into his Mercedes and headed to Hanoi, where he will meet Trump Wednesday and Thursday. Trump arrived in the city Tuesday night.

The country is expected to reap some economic and public relations benefits by hosting the diplomatic event, and it is openly embracing its role as host. North Korean, US and Vietnamese flag displays can be seen throughout the city, and its vendors are selling shirts emblazoned with Kim and Trump's faces in addition to their usual fare.

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