The two roads, to cost more than VND154 trillion (US$6.6 billion), are expected to play an important role in reducing congestion and strengthening links between the city and neighbouring provinces and cities.
They were approved by the Government 10 years ago.
Work on a 16km section of Ring Road No. 3 has begun while Ring Road No. 4 remains on paper.
The VND55.8 trillion (US$2.4 billion) Ring Road No. 3 will be 90km long and pass through HCM City and Dong Nai, Binh Duong and Long An provinces.
Construction has been divided into four sections.
Ring Road No. 4 project will be a 198km expressway running through HCM City and the provinces of Ba Ria-Vung Tau, Binh Duong, Dong Nai, and Long An.
It is expected to cost around VND99 trillion (US$4.3 billion).
The Cuu Long Corporation for Investment Development and Project Management of Infrastructure (CIPM), the agency in charge of their construction, said it has sought funding for the 35.8km Ben Luc-Hiep Phuoc section of Ring Road No. 4. Other sections have not had feasibility studies done yet.
Ring Road No. 3 will be linked to national highways 1A and No. 22, and the Ben Luc-Long Thanh, HCM City-Trung Luong, HCM City-Long Thanh-Dau Giay and HCM City-Moc Bai expressways.
It will reduce travel time between various localities and reduce the number of vehicles entering the city centre, thus reducing traffic jams and accidents there.
Ring Road No. 4 is expected to promote inter-regional links, especially with Hiep Phuoc Port Urban Area in Nha Be district, to boost economic growth in the southern key economic region and the Mekong Delta.
CIPM has recommended the public-private partnership (PPP) model in order to quickly complete the projects.
Relevant agencies have been asked to speed up work on Ring Road No. 3 in 2020-25.
The municipal People’s Committee has called for quickly finishing feasibility studies for each section of Ring Road No. 4.
Investment policies for Ring Road No. 4 must be approved in 2020-25 period to enable quick acquisition and clearance of land, call for bids and start of construction, the committee said.