Speaking with Eurogamer, Sony Worldwide Studios boss Shuhei Yoshida said that while the price may drop eventually, it won't be any time soon.
"Of course, cost reduction is one area our engineering team is working on," Yoshida said. "But we just launched the platform earlier this year. It takes time to do so.
"At a certain point in the future we would like to address the pricing issue for some of the people who are waiting. But this year we are trying to add value by creating different types of bundles."
Sony has already announced three PS Vita bundles releasing later this year pairing the games LittleBigPlanet Vita, Assassin's Creed 3: Liberation and Call of Duty: Black Ops - Declassified with hardware.
The firm hopes that the bundles will add value to buying a new Vita system instead of lowering the core system's price.
New PS Vita title Killzone: Mercenaries was announced this week at gamescom.
Sony also revealed a new cross-buy feature, allowing users to buy games like PlayStation All-Stars Battle Royale, Sly Cooper: Thieves in Time and Ratchet & Clank: Q-Force on PS3 and receive a free download of the game on Vita as well.
PS Vita will also gain compatibility with PSOne classics and cross-controller support for PS3 with system update v1.80, which launches on August 28.
Watch the debut trailer for Call of Duty: Black Ops - Declassified below: