Sony hopes that a successful debut would help the company offset the rest of its struggling business.
Vita is expected to compete with Nintendo's 3DS gaming device, which had a disappointing start despite the company's efforts to market its 3-D technology ,mainly due to lack of games.
Sony plans to offer more than 24 game titles with Vita's introduction, including "Uncharted: Golden Abyss," "LittleBigPlanet," and "Wipeout 2048."
The Vita's Wi-Fi only model will cost $249.99 in the U.S. and euros 249.99 in Europe. The Wi-Fi and 3G-enabled Vita will retail for $299.99 and euros 299.99.
Nintendo's 3DS retails for about 40 percent less than the Vita in Japan.
The PS Vita goes on sale in North America and Europe on Feb. 22.