The officially runs on Funtouch OS 3.0 , which is based on Android 6.0 Marshmallow . While there have been numerous system stability updates since its 2016 release, vivo did not provide an official OTA (over-the-air) upgrade to Android 7.0 Nougat for this specific model. Official Software Status Base OS: Android 6.0 Marshmallow.
Vivo officially released the Android 7.0 Nougat update for the V5, V5s, and V5 Plus in specific regions like the Philippines and India. vivo v5 android version 7.0 update
If your Vivo V5 is still on Marshmallow, follow the steps outlined above to finally taste Nougat. Just remember to backup your data, have a charged battery, and be patient through the reboot cycles. And if you run into bugs, a factory reset usually resolves 90% of issues. The officially runs on Funtouch OS 3