Peierls transition, ferroelectricity, and spin-singlet formation in the monolayer VOI$_2$

Using {it ab initio} density functional theory and single-orbital Hubbard model calculations via the density matrix renormalization group method, we systematically studied the monolayer VOI$_2$ with a $3d^1$ electronic configuration. Our phonon calculations indicate that the orthorhombic $Pmm2$ FE-II phase is the most likely ground state, involving a ferroelectric distortion along the $a$-axis and V-V dimerization along the $b$-axis. Specifically, the pseudo Jahn-Teller effect caused by the coupling between empty V ($d_{xz/yz}$ and $d_{3z^2-r^2}$) and O $2p$ states is proposed as the mechanism that stabilizes the ferroelectric distortion from the paraelectric phase. Moreover, the half-filled metallic $d_{xy}$ band displays a Peierls instability along the $b$-axis, inducing a V-V dimerization. We also found very short-range antiferromagnetic coupling along the V-V chain due to the formation of nearly-decoupled spin singlets in the ground state.