Web 2.0 represents an emerging technological phenomenon that embodies potential features in enhancing and enriching creativity, communication, securing information sharing, reinforcing collaboration and fostering innovation. Web 2.0 is extensively employed in many types of libraries in the world. However, few studies have been investigated to delve into Web 2.0 applications in Vietnamese university library websites. This study therefore addresses the following four research questions: (1) How do webmasters, librarians, and users perceive Web 2.0 applications in libraries? (2) Does the presence of Web 2.0 applications enhance the quality of library websites? (3) What advantages and disadvantages do webmasters, librarians and users encounter in successful utilization of Web 2.0 tools? (4) Which types of Web 2.0 applications are more common in libraries? Using stratified sampling to obtain the quantitative and qualitative results. Webmasters, librarians, and users of 13 university libraries in Vietnam are selectively surveyed and analyzed. The findings show that most webmasters, librarians, and users contend that the adoption of Web 2.0 tools for libraries is an indispensable part of the information and technology driven age. Most of them also assert that Web 2.0 applications definitely improve the overall quality and the attractiveness of library websites, particularly the service quality. In addition to substantial benefits of Web 2.0 applications (including easy information dissemination, user engagement enhancement, and modern technology experiences), the three sampled groups indicate that they have to deal with challenges of using Web 2.0 tools, namely lack of technological expertise, specialized human resource shortage and rapid changes in technologies. The findings also reveal that the Web 2.0 applications employed in libraries are: social networking, multimedia, Google Apps, chat, Blog, Mobile Web, Wiki, Citation software, RSS, tagging, Toolbar/Add ons, Calendar (Bedework).  Besides analyzing the users’ behaviors and perspectives on the adoption of Web 2.0 in libraries, this paper proposes a library 2.0 web model that can be considered a relatively standardized website for Can Tho University Learning Resource Center (CTU LRC) and other libraries in Vietnam. This study also opens a driving edge for further research to thoroughly understand and explore the breakthrough of Web 2.0 applications and other new technologies for libraries