The summit, which has been in the works since Trump accepted Kim's invitation to meet in March, will be the first ever meeting between a sitting US president and North Korean leader.
US officials had also considered holding the summit at the Korean demilitarized zone or in Mongolia, but ultimately settled on the city-state of Singapore as the location.
The announcement came a day after North Korea released three imprisoned Americans during US Secretary of State Mike Pompeo's most recent visit to Pyongyang.
Beyond securing the release of the three Americans, Pompeo also finalized details for the upcoming summit between Trump and Kim.
Trump has struck a cautiously optimistic tone in discussing the prospects of reaching a deal during his upcoming summit with Kim, saying he is hopeful a historic agreement can be brokered while also warning the talks could prove unfruitful. But the President saw the release of the three Americans as yet another reason for optimism as he prepares for the summit.
"We are starting off on a new footing -- I really think we have a very good chance of doing something very meaningful. A lot of very good things have happened," Trump said as he greeted the former prisoners at Joint Base Andrews early Thursday morning.
"I really think he wants to do something and bring the country into the real world," he added of Kim. "It's never been taken this far, there has never been a relationship like this. I really think a lot of progress has been made."
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