  We present high-dispersion spectroscopic data of the compact planetary nebula
Vy 1-2, where high expansion velocities up to 100 km/s are found in the Ha, [N
II] and [O III] emission lines. HST images reveal a bipolar structure. Vy 1-2
displays a bright ring-like structure with a size of 2.4"x3.2" and two faint
bipolar lobes in the west-east direction. A faint pair of knots is also found,
located almost symmetrically on opposite sides of the nebula at PA=305 degrees.
Furthermore, deep low-dispersion spectra are also presented and several
emission lines are detected for the first time in this nebula, such as the
doublet [Cl III] 5517, 5537 A, [K IV] 6101 A, C II 6461 A, the doublet C IV
5801, 5812 A. By comparison with the solar abundances, we find enhanced N,
depleted C and solar O. The central star must have experienced the hot bottom
burning (CN-cycle) during the 2nd dredge-up phase, implying a progenitor star
of higher than 3 solar masses. The very low C/O and N/O abundance ratios
suggest a likely post-common envelope close binary system.
  A simple spherically symmetric geometry with either a blackbody or a
H-deficient stellar atmosphere model is not able to reproduce the ionisation
structure of Vy 1-2. The effective temperature and luminosity of its central
star indicate a young nebula located at a distance of ~9.7 kpc with an age of
~3500 years. The detection of stellar emission lines, C II 6461 A, the doublet
C IV {\lambda}{\lambda} 5801, 5812 A and O III 5592 A, emitted from a
H-deficient star, indicates the presence of a late-type Wolf-Rayet or a WEL
type central star.
