05AB1E, 31 bytes

.•2Bãθ(•×£R„vr…v r:ð«η¤S)ζJ.∞.c 

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-1 thanks to Kevin Cruijssen

.•2Bãθ(• # Push 'vibgyor'. ×£ # Dupllicate string N times-- take first N chars. R # Reverse.   „vr…v r: # Replace 'vr' with 'v r'.   ð« # Pad a space onto the end.   η # Prefixes. ¤ # Tail (largest prefix). S)ζ # Transpose the tail onto the prefixes. J.∞.c # Join, Mirror, Center 

05AB1E, 32 31 23 bytes

.•VvÈ©•¹∍¬„ v:Rηε¬ý}.c 

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-1 thanks to Kevin Cruijssen and -8 thanks to Adnan

Explanation (Stack example w/ input of 3):

.•VvÈ©•  # Push 'aibgyor'  | ['aibgyor'] ¹∍  # Extend to input length. | ['aib']  ¬ # Push head.  | ['aib','a'] „ v:  # Replace with ' v'.  | [' vib']  R  # Reverse. | ['biv ']   η # Prefixes. | ['b', 'bi', 'biv', 'biv ']  ε } # For each.... | []    ¬ý  # Bifurcate, join by head. | ['b','b'] -> ['bbb']  | ['bi','ib'] -> ['biiib']  | ['biv','vib'] -> ['bivvvib']  | ['biv ',' vib'] -> ['biv vib']  .c # Center the result. | Expected output. 

05AB1E, 32 bytes

"vibgyor"×£R„vr…v r:ð«η¤S)ζJ.∞.c 

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05AB1E, 31 bytes

.•2Bãθ(•×£R„vr…v r:ð«η¤S)ζJ.∞.c 

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-1 thanks to Kevin Cruijssen

.•2Bãθ(• # Push 'vibgyor'. ×£ # Dupllicate string N times-- take first N chars. R # Reverse. „vr…v r: # Replace 'vr' with 'v r'. ð« # Pad a space onto the end. η # Prefixes. ¤ # Tail (largest prefix). S)ζ # Transpose the tail onto the prefixes. J.∞.c # Join, Mirror, Center