The route links Mai Dich Intersection and Linh Dam Lake in Hoang Mai District and includes 385m of paths and more than 8.5km of bridges. Four lanes of urban expressway will allow commuters to travel at speeds of up to 100kph.
At the opening event, Deputy Prime Minister Nguyen Xuan Phuc highlighted the modern "skyway" as a significant way to celebrate City Liberation Day on October 10.
He said it also marked the deepening friendship between Viet Nam and Japan.
"Ring road 3 will play an important role in connecting inner-city and inter-city traffic," said Phuc.
"This will promote socio-economic development and reduce traffic jams and accident."
Phuc thanked the Japanese Government and people for their "precious support" to Viet Nam in recent years.
He said the ring road increased the capacity of the road network by shortening travel times.
The last phase of the project is expected to be completed next year. It will connect Highway No 5, Highway No 6, Thang Long Highway and Noi Bai International Airport.
This will contribute to the socio-economic development of the capital in particular and the northern region in general.