We present high–dispersion spectroscopic data of the compact planetary nebula Vy 1–2 , where high expansion velocities up to 100 km s ^ { -1 } are found in the H \alpha , [ 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″ \times 3.2″ 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 ^ { \circ } .
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 Å , [ K iv ] 6101 Å , C ii 6461 Å , the doublet C iv 5801 , 5812 Å .
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 { 2 ^ { nd } } dredge–up phase , implying a progenitor star of M \geq 3 M _ { \odot } .
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 \sim 9.7 kpc with an age of \sim 3500 years .
The detection of stellar emission lines , C ii 6461 Å , the doublet C iv \lambda \lambda 5801 , 5812 and O iii 5592 Å , emitted from a H–deficient star , indicates the presence of a late–type Wolf–Rayet or a WEL type central star .