It is situated on the left bank of Arpa River surrounded by the Yeghegis mountains from the northwest and Vayk range from the south, 1300 meters above sea level. The climate of the town is characterized by cold and snowy winters and mild cool summers.
The ancient area of the town belongs to the Vayots Dzor canton of Syunik region. At the beginning of the 16th century, the territory the modern town became part of the Erivan Beglarbegi and later the Erivan Khanate. The 16th and 17th centuries were the darkest periods in the history of Vayots Dzor.
The region became a battlefield for the invading troops of the Turkic and Iranian tribes. During the battle, many monuments and towns were destroyed. In 1747, the region became part of the Nakhichevan Khanate. The name of the town was changed Vayk in 1990.
In 1931, the region became center of Azizbekov raion. In 1956, Soylan was given the status of an urban-type settlement and renamed Azizbekov in honor of the Bolshevik revolutionary Meshadi Azizbekov. In 1973, a branch of the Jermuk Mineral Water Factory was opened in Azizbekov.
At the northeast of the city was found the remains of an old settlement which dates back to the 1st millennium BC. Another historical monument is the Vishapakar (in English-dragon stone) dates back to the 2nd millennium. The Vayk bridge connects two parts of the banks the Arpa River, probably it was built in the 17th century. In 1827 Ivan Paskevich renovated the bridge during his campaign against Qajar Persia. The city has a cultural center with 2 halls with 600 and 200 seats, a music academy, an art academy, and a public library with more than 180,000 books.
The town also has a public park which is located in the center of the town. The Saint Trdat Church built in 2000, welcomes the guests at the entrance of the city. This church has three wooden doors and a unique architectural style.
The locals are involved in agriculture and cattle-breeding. The largest company in the town is the "Vayk Group" for wine, vodka and dried fruits, it was founded in 2000. There is also "WCW of Vaik" building materials factory which was founded in 1968 and the "Meg Ararat" factory for tea production founded in 2008.