Abstract: Increasing value is attributed to mangroves due to their considerable capacity to sequester carbon, known as ‘blue carbon’. Assessments of opportunities and challenges associated with estimating the significance of carbon sequestered by mangroves need to consider a range of disciplinary perspectives, including the bio-physical science mangroves, social and economic issues of land use, local and international law, and the role of public and private finance. We undertook an interdisciplinary review based on available literature and fieldwork focused on parts of the Mekong River Delta (MRD). Preliminary estimates indicate mangrove biomass may be 70–150 t ha−1, but considerably larger storage of carbon occurs in sediments beneath mangroves. These natural stores of carbon are compromised when mangroves are removed to accommodate anthropogenic activities. Mangroves are an important resource in the MRD that supplies multiple goods and services, and conservation or re-establishment of mangroves provides many benefits. International law and within-country environmental frameworks offer increasing scope to recognize the role that mangrove forests play through carbon sequestration, in order that these might lead to funding opportunities, both in public and private sectors. Such schemes need to have positive rather than negative impacts on the livelihoods of the many people living within and adjacent to these wetlands. Nevertheless, many challenges remain and it will require further targeted and coordinated scientific research, development of economic and social incentives to protect and restore mangroves, supportive law and policy mechanisms at global and national levels, and establishment of long-term financing for such endeavours.