Vietnamese police and customs officers seized one ton of ivory that was hidden in four containers of peanuts imported from Nigeria at the northern port of Hai Phong on Tuesday.
The elephant tusks, most of which were chopped into chunks, were hidden in 30 bags placed at the far end of the containers, of which the designated consignee was a company based in Quang Ninh.
The company, however, denied being the receiver.
In parts of Asia, including Vietnam, ivory has been regarded for centuries as a precious decoration, but rising affluence has caused demand for ivory, as well as many other wildlife products, to soar in recent years. Trading in ivory has been illegal in Vietnam since the 1990s.
Those who engage in illegal transport and trade of ivory will be fined and may also face prison terms under Vietnamese laws.