The government has allocated VND7.1 trillion has been (US$285.4 million) for this purpose.
The city Department of Natural Resources and Environment said Friday that the expressway would have 24 km running through the city.
Land compensation payments are expected to begin in April 2025, it added.
The expressway, connecting the city with neighboring Tay Ninh Province that borders Cambodia, will run a total of 51 km.
Its first phase, approved by the government in August, will cost VND19.6 trillion and have four lanes with plans made to expand to six in future.
Of the amount, 49% will come from the government and the rest from private investors.
The highway is slated for completion by 2027.
It will be a crucial project, enhancing the transport network in the southern key economic zone and international multimodal roads connecting HCMC and Cambodia and easing congestion on National Highway 22.
It will provide the shortest route between HCMC and Cambodia.