Vettel's Ferrari outfit emerged as real championship contenders last season, but their campaign imploded during the second half of the year.
The German split the Mercedes duo of Lewis Hamilton and Valtteri Bottas in the drivers' championship standings last term, and believes the new SF71H will give Ferrari the opportunity to build on their progress.
The new auto shares much with last year's "diva" (though boss Toto Wolff admitted he liked some of the traits of last year's vehicle, unsurprisingly), with a similar design philosophy.
Ferrari have paid special attention to aerodynamics for its new Formula One auto in an attempt to keep up with rival Mercedes on high-speed circuits.
Ferrari's new auto is painted in the traditional red livery, but unlike its predecessors with very little white.
"The step that we have done in 2017 was incredible", he said. We try to retain the strengths, and some of the strengths I would say are the aggressiveness of the concept we designed, a auto that was performing very well on low-speed circuits.
"I think we need to look after the driver's safety, but what we have implemented is aesthetically not appealing and we need to come up with a solution that simply looks better".
"We have been close for most of the year, not close enough when it mattered, but that's what happened".
Vettel is entering his fourth year with Ferrari, having renewed his contract through 2020, and he will again partner Kimi Raikkonen, once more on a one-year deal.
"From that we made our conclusions, we learned our lessons. The most visible change is aerodynamic and how tight the packaging is of the vehicle and how closed up the bodywork is". Following the unveiling of Ferrari's latest design, Binotto says the wheelbase and sidepods are two of the areas that have seen the biggest developments.