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Vietnam is considering “game-changing” incentives to attract foreign investors in semiconductor manufacturing, artificial intelligence and green energy, as Southeast Asia’s manufacturing industry looks to attract investment in high-tech sectors.

Vietnam is one of the biggest beneficiaries of the global shift in manufacturing out of China as companies seek to protect their supply chains from an escalating trade war between Beijing and Washington.

The country is now home to major manufacturing centers for companies such as Samsung and Foxconn. But it is struggling to attract investment in higher-value, high-tech industries. A lack of skilled labor and concerns about stable electricity supply are putting off investors, according to a senior government official and company. Vietnam faces competition from Southeast Asian countries such as Malaysia for technology investments.

“In a very competitive global environment, Vietnam needs groundbreaking (incentives) and highly competitive investment incentives and policies,” said Do Nhat Hoang, director of the Vietnam Foreign Investment Agency, in an interview with the Financial Times.

There are “tens of billions of dollars” of potential high-tech investments on the table, Do Nhat said, but their fulfillment depends on the granting of further incentives. He declined to name the potential investors but said Apple CEO Tim Cook and Nvidia CEO Jensen Huang, who both visited Vietnam in the past seven months, had shown interest in the country.

Vietnam is considering offering special terms on land lease fees, corporate taxes and import and export duties, said Do Nhat, whose agency is under the Ministry of Planning and Investment.

He said the government is developing an investment promotion fund that would provide cash grants or cost-based incentives to companies planning high-tech investments to offset higher taxes. Vietnam last year introduced the global minimum tax rate of 15 percent on the profits of large multinational companies, eroding Hanoi’s previous tax advantages. The fund came into effect this year.

Do Nhat said Vietnam also plans to work with universities and multinational corporations to improve its workforce and speed up licensing and registration. “These high-tech projects, which also happen to be large-scale projects, require very fast administrative procedures,” he said.

Vietnam has seen a significant decline in government activity in recent years, due to a sweeping crackdown on corruption that has resulted in the arrest of hundreds of officials and a reshuffle of leadership.

Irregular electricity supply is also an obstacle. Last year, a shortage caused blackouts and affected manufacturing facilities in northern Vietnam, the center of the country’s recent wave of investment.

“The energy shortage in Vietnam is no longer there,” Do Nhat said, pointing to new power plants and improved transmission. In July, Vietnam also allowed some companies to buy electricity directly from solar and wind energy producers, a move that would benefit large manufacturers. “We will certainly be able to meet the demand of these investors,” Do Nhat said, referring to the energy-intensive technology industry.

Vietnam remains a top draw for foreign direct investment. Registered foreign direct capital rose by nearly a third to $36.6 billion last year, with a record $23.2 billion disbursed. The country is confident of attracting $40 billion or more in registered foreign direct investment annually over the next five years, with a higher share for investments in the high-tech sector, Do Nhat said, despite concerns about a global economic slowdown.

In a recent study, HSBC warned that Vietnam needs to move up the manufacturing value chain and increase domestic value added in these goods if it wants to maintain its robust investment inflows.

“This requires proactive steps to promote upskilling in technical areas and improve existing infrastructure to enable and absorb additional foreign direct investment,” HSBC analysts wrote.