The 53-km (33 miles) highway will connect the southern industrial provinces of Dong Nai and Ba Ria-Vung Tau, which are home to several seaport logistics complexes.
It will run 34.2km in Dong Nai, and the province plans to acquire and clear all the land needed at one time.
The expressway will cost around VND18 trillion ($788 million) and be completed by 2025 at the latest.
In its first phase, it will have four to six lanes and allow vehicles to travel at 100kph.
According to a pre-feasibility report the Ministry of Transport submitted to the government last week, the project will be built using public funds.
It is one of three expressways the government plans to build to meet the urgent transportation needs of the southern key economic region, which includes HCMC and the provinces of Dong Nai, Binh Duong, Ba Ria-Vung Tau, Tay Ninh, and Binh Phuoc.