  Van der Waals magnet VI$_3$ demonstrates intriguing magnetic properties that
render it great for use in various applications. However, its microscopic
magnetic structure has not been determined yet. Here, we report neutron
diffraction and susceptibility measurements in VI$_3$ that revealed a
ferromagnetic order with the moment direction tilted from the $c$-axis by
~36{\deg} at 4 K. A spin reorientation accompanied by a structure distortion
within the honeycomb plane is observed at a temperature of ~27 K, before the
magnetic order completely disappears at $T_C$ = 50 K. The refined magnetic
moment of ~1.3 $\mu_B$ at 4 K is considerably lower than the fully ordered spin
moment of 2 $\mu_B$/ V$^{3+}$, suggesting the presence of a considerable
orbital moment antiparallel to the spin moment and strong spin-orbit coupling
in VI$_3$. This results in strong magnetoelastic interactions that make the
magnetic properties of VI$_3$ easily tunable via strain and pressure.
