Ho Chi Minh City customs officers seized 39 elephant tusks on Sunday that had been successfully smuggled through several transit airports.
The shipment began in Africa, they said.
Customs officers at Tan Son Nhat International Airport found the tusks and 100 ivory items, weighing 90 kilograms (198lbs) in total, from a consignment described as food.
A customs source revealed the names of the sender and receiver only as L.J.J and T.L.O, respectively.
They estimated the consignment to be worth more than VND4 billion (US$188,000).
This was the second ivory seizure made by customs officials at the airport so far this month.
On June 11, officers seized 77 elephant tusks weighing 110 kilograms (242.5 lbs) hidden in a consignment sent from Nigeria to Vietnam through Doha.
Their estimated worth was about VND4.4 billion ($207,640).
In parts of Asia, ivory has been regarded for centuries as a precious decoration. Trading in ivory has been illegal in Vietnam since the 1990s.
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