Work on the plant will begin in May 2020. When completed in October 2021 it will help increase the company’s capacity in Vietnam to 25 million airbags annually, Toyoda Gosei said in a statement on Wednesday. It will employ 700 workers initially, increasing to 2,000 by the end of 2023.

Toyoda Gosei, a subsidiary of Toyota Motor Corp., built its first plant in Vietnam in Hai Phong City in 2004. Last July it opened a $24.6-million second plant at the Tien Hai Industrial Park in Thai Binh Province.

It plans to increase the capacity of the Hai Phong factory to meet increasing orders. Airbags produced in Vietnam are exported mainly to Japan but also to other markets such as ASEAN and North America.

Established in 1949, Toyoda Gosei has 67 facilities and factories in 17 countries around the world.