The mobile port follows on the heels of last year's Grand Theft Auto 3 mobile release and will feature all content from the original game.
Like its predecessor, the game will feature new controls adapted for smartphone and tablet touchscreens, as well as native HD visuals and other new features. Grand Theft Auto 3 received a mission replay feature and autosave for its mobile version, though neither has been confirmed for Vice City yet.
"Grand Theft Auto: Vice City gave players the freedom of a massive open-world in one of the most iconic and vibrant settings ever realised in a game," Rockstar Games founder Sam Houser said.
"It was a defining moment in the series and we're delighted to be celebrating its 10th anniversary this year with a stunning, updated version for phones and tablets."
Last year Rockstar hinted that it was "very possible" that Grand Theft Auto: Vice City and Grand Theft Auto: San Andreas would both be ported to mobile devices. Now that Vice City has been announced, San Andreas may follow next year.
Photo gallery - Grand Theft Auto V:
No release date or price has been announced for Grand Theft Auto: Vice City at this time.
Watch the Grand Theft Auto: Vice City PS2 trailer below: