Smith had an inconsistent rookie year for the Jets in 2013 after he replaced Mark Sanchez as the club's starter. Rex Ryan's side have now moved for Vick to provide a veteran presence at quarterback to provide competition for the 23-year-old.
"I think it will make our team better," Smith told reporters. "I'm all for competition. I want to compete, no matter who comes in.
"I think we have a good guy in Mike, who brings something extra to the table as far as veteran leadership into our quarterback room.
"The starter will be named at the end of the training camp, before the start of the season. I understand there's a competition. Honestly, it comes down to what we do on the field and that's what I really look forward to."
Smith threw for 12 touchdowns and 21 interceptions in his 16 games in his rookie season.