Yes, the Android 7.0 Nougat update is available for the Vivo V5 series, though it was officially released several years ago

Vivo V5 — Android Nougat 7.0 Update Download (Guide)

Summary

This document explains how to check for and download the official Android Nougat (7.0) update for the Vivo V5, and how to install it safely. It assumes you want an official update package from Vivo for a Vivo V5 (not V5 Plus or other models).

How to Download and Install the Update

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Official Download: You can find the latest package on the vivo India Upgrade Page or vivo Philippines Support. How to Update Your vivo V5 You can update your device using two primary methods: Method 1: Standard Over-the-Air (OTA) Update This is the safest way to check for available software. Connect to a stable Wi-Fi network. Go to Settings > System Update.