A trademark application filed in September 2019 reveals that Vivo is reportedly working on an in-house chipset. It reveals very little about the specifics of the chipset, or even if it is intended for smartphones. It does, however, give credence to an earlier rumor that said Oppo was working on an in-house chip.
https://www.notebookcheck.net/Vivo-reportedly-working-on-an-in-house-chipset.464450.0.html
If it ends up no better than SD then it's more likely another nationalist marketing stunt for the domestic market. It's hard to imagine them recuperating R&D with that even, unless O and V are actually working on the same chipset to be shared between many devices of both brands.