Japan’s Toyoda Gosei to Build New Airbag Parts Plant in Vietnam

Tuan Minh

14:42 31/08/2017

BizLIVE - The plant is part of Toyoda Gosei’s plan to strengthen its production capacities for airbags globally.

Japan’s Toyoda Gosei to Build New Airbag Parts Plant in Vietnam

Toyoda Gosei Co., Ltd. will establish a new plant in Vietnam. Photo: kotse.com

Japan-headquartered Toyoda Gosei Co., Ltd. will establish a new plant in Vietnam to produce airbags parts to meet growing global demand following the bankruptcy of its Japanese rival Takada in June.
The plant will be built on an area of 2.08 hectares in Tien Hai Industrual Park in the northern province of Thai Binh. Construction will start in March 2018 at a cost of $24.6 million. It will create around 1,000 jobs as of March 2021, the firm said in a statement on Aug. 30.
The new plant will be established as a branch plant of Toyoda Gosei subsidiary Toyoda Gosei Haiphong Co., Ltd., and will start production of airbag parts and steering wheels in July 2019 for export to final airbag assembly plants in Japan, North America, Europe, and other regions.
Toyoda Gosei Co., Ltd. holds a 95% stake in Toyoda Gosei Haiphong Co., Ltd. while Toyota Tsusho Corporation takes the remaining 5%.  
Airbags and other safety system products are a key business segment for Toyoda Gosei, and the company is moving to strengthen its production capacities for these products globally, according to the statement.  
Annual production capacity for these products in Vietnam was 14.5 million airbag parts and 2.2 million steering wheels in FY2016. The company plans to increase its capacity in Vietnam to 23 million airbag parts and 3.2 million steering wheels by FY2023.

TUAN MINH

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