Customs officers at a Ho Chi Minh City port Monday seized 2.4 tons of ivory from a container labeled as having cow leather.
The container belonged to the city-based Thai Minh Export-Import Limited Company, ostensibly containing cow leather imported from Mozambique.
The shipment had arrived late June but company representatives failed to show up to collect it despite repeated reminders, and customs then decided to open it.
They found 158 elephant tusks hidden in 28 wooden barrels, worth an estimated US$5 million.
Local authorities said investigations into the case are ongoing.