Police in the northern province of Quang Ninh seized Friday 150 kilograms of ivory from a car heading for the Mong Cai border with China.
They discovered 15 pairs of tusks and 16 other pieces of ivory estimated to be worth VND2.5 billion (US$130,800).
The driver and four others in the vehicle told officers they were hired to transport the contraband from Nghe An Province to Quang Ninh.
The police said they are still investigating the case.
Vietnamese ivory prices are probably the highest in the world with tusks reportedly sold at US$1,500 a kilogram and pieces at up to $1,863, according to wildlife trade monitoring network Traffic.
Traffic said trade in ivory was outlawed in the country in 1992 but shops were permitted to sell stock they had bought before the ban, opening the door for them to illegally restock.
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