It was the first such meeting since the two
countries normalised relations 20 years ago.
Mr Obama said that despite differing political
philosophies, the two countries were deepening
co-operation.
Analysts say the US and Vietnam are seeking
stronger ties in the face of an increasingly
assertive China.
This month marks 40 years since the end of the
Vietnam war.
"Obviously, there has been a difficult history
between our two countries in the 20th Century
and there continues to be significant differences
in political philosophy and political systems," Mr
Obama said.
"What we have seen is the emergence of a
constructive relationship that is based on mutual
respect and that has benefited the people of both
countries."
Mr Trong described the talks as "cordial,
constructive, positive and frank".
Trade deal talks
"What is of utmost importance is that we have
been transformed from former enemies to become
friends [and] comprehensive partners," he said.
"I am convinced our relationship will continue to
grow in the future."
He said he had invited Mr Obama to visit Vietnam
and the president had accepted.
Also on the agenda were talks on trade. President
Obama is seeking to create a 12-nation free trade
plan known as the Trans-Pacific Partnership that
would include Vietnam.
However, Tuesday's meeting was not welcomed
by everyone.
Outside the White House, demonstrators protested
against human rights violations in Vietnam, while
a group of US lawmakers wrote an open letter to
Mr Obama complaining about the invitation.
China has angered some of its Asian neighbours,
including Vietnam, by taking a more assertive
stance on territorial claims in the South China
Sea.
It has deployed military equipment to the
disputed Spratly Islands, claimed in part by
Vietnam.
The Spratlys may have reserves of oil and gas
around them and the surrounding sea is also a
major shipping route and home to important
fishing grounds.
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talks at the White House with Vietnam's
Communist Party leader,
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