vivo is working on a new Z-series phone, following the Z3x that it launched last month. The new device will be called Z5x and in the leaked image below it's said to be the one at the top.
As you can see, it has a punch-hole cutout for the selfie camera in the display, and reasonably thin bezels all-round (with a slightly thicker chin). The vivo Z5x is also rumored to sport a massive 5,000 mAh battery.
Unfortunately that's all the information that has been outed so far regarding this upcoming device. What's clear is that it will be cheap for what it's offering, or at least cheaper than other vivo phones. Historically it hasn't exactly been a budget brand in China, but seems to be trying to secure a spot for itself in that part of the market too with the Z-series. The Z3x, for example, is priced at CNY 1,198, which means about $173 or €155 at the current exchange rates.
Since the Z3x has the Qualcomm Snapdragon 660 at the helm, there's some speculation in Chinese publications that the Z5x could come with a beefier Snapdragon 670 or 675, but that hasn't been confirmed yet, not even by a leak. The Z5x should run Android 9 Pie with Funtouch 9 on top.