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Delta Vega is an icy Class M planet in the Vulcan system. Its orbit carried it near enough to Vulcan that the other planet could be seen from Delta Vega's surface. It also harbored a small Starfleet outpost, manned for six months by Montgomery Scott and his assistant, Keenser.
There were at least two native, predatory species present on the planet: the drakoulias and the hengrauggi.
Ambassador Spock was marooned here by Nero so that he could witness the destruction of Vulcan. Coincidentally, James T. Kirk was later marooned on Delta Vega by Commander Spock, and the two subsequently met Montgomery Scott there. (Star Trek)
Background
The TOS episode "Where No Man Has Gone Before" depicted a planet named Delta Vega, located near the galactic barrier. Although the Delta Vega depicted in Star Trek is located in the Vulcan system, writers Roberto Orci and Alex Kurtzman named it after the planet in "Where No Man Has Gone Before". In an interview with TrekMovie.com, Orci said, "We moved the planet to suit our purposes. The familiarity of the name seemed more important as an Easter egg, than a new name with no importance." [1]
According to writer Roberto Orci, the part of the mind meld sequence in which Prime Spock sees the destruction of Vulcan was meant to be "as impressionistic for a general audience." The idea was that Spock saw the planet's destruction through "a telescope or some other type of measuring device," but showing it that way on-screen "isn't very cinematic." However, Orci himself prefers to think of Delta Vega as being in close orbit of Vulcan. [2]
Delta Vega was supposed to have been a desert planet like its "Where No Man Has Gone Before" counterpart, and Kirk would've encountered Kirk and Scotty in a Mos Eisley style environment. Further script revisions made it an ice planet, and the aliens meant to populate the bazaar were dotted around the film instead, something mentioned in various Barney Burman interviews. (Star Trek - The Art of the Film)
Early in the production of the film it was considered to shoot some scenes in Iceland, it can be suspected that these were to represent Delta Vega.