It's entirely possible that you've never heard of Vivo even though it's now the fifth biggest smartphone manufacturer in the world. The Chinese OEM will make sure that isn't the case for much longer, with the announcement that it is to become the primary sponsor of the 2018 and 2022 FIFA World Cup, the world's biggest spring event.
Vivo follows the standard Chinese OEM template. Phones which look like the iPhone and do away with the Android app drawer in order to work more like the iPhone too. Sell these things cheap enough and make them well enough and they'll sell in bucket loads - in China and India at least. And as these are shortly to be the biggest and second biggest smartphone markets in the world.
However, without penetration into America and Europe none of these OEMs have any protection against the next Chinese OEM to come along with a slightly better iPhone lookalike and work alike. Vivo, Oppo, Xiaomi and Meizu are all on different stages of the same path. Only Huawei has really broken out and it did so with extensive advertising.
So Vivo's move to take on such a high profile sponsorship flags its desire to be the next Huawei and eventually put itself into a position to compete with Samsung and Apple. It will need to back its sponsorship spend with phones that have something uniquely Vivo to them but if it can achieve this it really can grow into a serious competitor.