The haul of prized animal parts was discovered hidden in two containers on board a ship carrying ground stones at the central port of Da Nang on Thursday, Tuoi Tre newspaper said.
"The elephant tusks weighed 593 kilograms and the rhino horn chunks weighed 142 kilograms," the report said, adding that the illegal shipment had come via Malaysia.
The final destination of the shipment was not reported but the boat was scheduled to stop in on Vietnam's northern Hai Phong port.
There have been a number of campaigns to warn Vietnamese not to use products from endangered animals but they have had little success.
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Demand for rhino horn remains high with people mistakenly believing it can cure anything from cancer to hangovers despite an absolute dearth of scientific evidence.
Horns are made from keratin, the same substance that makes up finger nails and hair in humans.
Tusks and other body parts of elephants are prized for decoration, as talismans, and for use in traditional medicine.
But the trade has flourished in recent years, particularly thanks to demand from Vietnam and China with devastating results for Africa's rhino populations.
There are around just 5,000 black rhinos left on the planet and an estimated 20,000 white rhinos, mostly in southern Africa.
In 2011, the western black rhinoceros, a subspecies last seen in Cameroon, was declared extinct.