Conceptually, co-management is a participatory negotiation that seeks to incorporate resource users in decision making process as well as to increase accountability and sharing of responsibility. This approach has proven to be an important tool for good governance in natural resource management including mangrove. Mangrove comanagement has been introduced in the Mekong Delta of Vietnam and considered as a great potential for sustainable management of mangrove and livelihood support. However, it is still facing many challenges. This paper will present pros and cons of mangrove comanagement in the Mekong Delta – a largest mangrove area of Vietnam to draw lessons learned for better application of this concept in other places.