Although ivory trade is banned in Vietnam, the country remains a top market for ivory products prized locally for decorative and medicinal purposes.
It is also a busy thoroughfare for tusks trafficked from Africa destined for other parts of Asia.
Officials initially said they found 500 kilogrammes of ivory in two crates of timber from Mozambique at a Ho Chi Minh City port, but later updated the figure after a more thorough search.
"This shipment would not have been discovered without professionalism and vigilance," the newspaper quoted the deputy head of the customs department, Hoang Viet Cuong, as saying.
The latest catch follows last week's discovery of 300 kilogrammes of elephant ivory in Hanoi's airport, where officials found tusks from Nigeria falsely labelled as glass.
Vietnam outlawed the ivory trade in 1992, but shops still sell ivory dating from before the ban and weak law enforcement has allowed its illegal trade to persist.
Meanwhile, conservation group Save Vietnam's Wildlife said today they received 61 rescued pangolins that were being trafficked, three of them dead, from police in the northern Thai Binh province.
The reclusive creatures, often called scaly anteaters, are the world's most heavily trafficked mammal, sought after in Vietnam and other parts of Southeast Asia for their meat and scales used in traditional medicine.
Vietnam is hosting an international conference on illegal wildlife trade from November 17 to 18, which will be attended by Britain's Prince William, who has repeatedly spoken out against wildlife trafficking.
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