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Preheat the oven to 375°F (190°C). Grease a 10-inch (25-cm) tube pan.
In a large bowl, cream together the mayonnaise and sugar.
In a separate bowl, combine the flour, cocoa powder, salt, and baking soda. Add to the creamed mixture alternately with the water. Mix until well combined.
Turn into the prepared pan, bake for 40 to 45 minutes, or until a toothpick inserted into the center can be removed cleanly. Cool in the pan for 10 minutes before inverting onto a wire rack to cool completely.
In a double boiler, combine the mayonnaise, cocoa powder, and milk.
Gradually add in the powdered sugar, whisking very well until the mixture is smooth and glossy. Remove from heat and stir in the vanilla.
Pour and pool the icing on the flat top of the cake, before smoothing with a knife, allowing the icing to drip down the sides. Store the cake in a cool place.