In this paper, we deal with a discrete-time $Geo/G/1$ queueing system under the control of Min($N, V$)-policy in which the server takes single vacation whenever the system becomes empty. The Min($N, V$)-policy means that the server commences its service once the number of waiting customers reaches threshold $N$ or when its vacation time ends with at least one but less than $N$ customers waiting for processing, whichever occurs first. Otherwise, if no customer is presenting at the end of the server vacation, the server remains idle until the first arrival occurs. Under these assumptions, the $z$-transform expressions for the transient queue size distribution at time epoch $n^+$ are obtained by employing the renewal process theory and the total probability decomposition technique. Based on the transient analysis, the explicit recursive formulas of the steady-state queue length distribution at time epochs $n^+$, $n$, $n^-$ and outside observer's time epoch are derived, respectively. Additionally, the stochastic decomposition structure is presented and some other performance measures are also discussed. Furthermore, some computational experiments are implemented to demonstrate the significant application value of the recursive formulas for the steady-state queue size in designing system capacity. Finally, the optimal threshold of $N$ for economizing the system cost is numerically determined.