The concept of a dynamic excitation / inhibition ratio, that can shape information flow in cortical circuits during complex behavioural tasks due to circuit disinhibition, has recently arisen as an important and conserved processing motif. It has been also recognized that, in cortical circuits, a subpopulation of GABAergic cells that express vasoactive intestinal polypeptide (VIP) innervates selectively inhibitory interneurons, providing for circuit disinhibition as a possible outcome, depending on the network state and behavioural context. In this talk, I will highlight the latest discoveries on the dynamic organization of hippocampal disinhibitory circuits with a focus on VIP-expressing interneurons. I will discuss the neuron types that can be involved in disinhibition and their local circuit and long-range synaptic connections. I will also discuss some recent findings on how hippocampal VIP circuits may coordinate spatial learning.