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.
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