Vesicle dynamics in unbounded Poiseuille flow is analyzed using a small-deformation theory. Our analytical results quantitatively describe vesicle migration and provide new physical insights. At low ratio between the inner and outer viscosity $\lambda$ (i.e. in the tank-treading regime), the vesicle always migrates towards the flow centerline, unlike other soft particles such as drops. Above a critical $\lambda$, vesicle tumbles and cross-stream migration vanishes. A novel feature is predicted, namely the coexistence of two types of nonequilibrium configurations at the centreline, a bullet-like and a parachute-like shapes.