Mangroves can play a major role in efforts to mitigate climate change through two pathways. These are (1) carbon sequestration following reforestation of areas where mangroves previously existed, and (2) protection of existing carbon stores in intact mangrove forests. There is considerable international interest in carbon mitigation by governments and businesses as a way of meeting emissions reduction targets, and this could result in significant investment in mangrove restoration and protection. This is likely to have positive benefits in terms of coastal protection, biodiversity protection and new economic activity. This project examined three aspects of mangroves related to the emerging carbon economy. There has been considerable (0.2 million hectares) mangrove restoration in Vietnam and this activity provides insights into the causes of project success or failure. A review of this restoration concluded that the failure of several past restoration projects in Vietnam could be attributed to poor species and site selection and lack of incentives to engage residents in long-term management. The economic, environmental and social aspects of mangrove-shrimp farming or aquaculture (MAS) systems in Ca Mau Province, Vietnam, were examined, and it was concluded that this approach allows the achievement of these multiple objectives. Whereas, most of the discussion around mangroves and their role in carbon management is at the international and national levels, implementation occurs at the local level. It was found that whereas local stakeholders had a reasonable understanding of climate change, they were less clear about carbon markets and the role that mangroves can play. This points to the need for new educational programmes. The study concluded that monitoring and verification systems for both carbon and biodiversity are essential to allow the resultant multiple benefits of carbon mitigation projects to be realised.