The cheaper SAAVs aren't particularly tough- the original South African M83 vest would be a better buy if you really like the style and can afford it. As for mag compatibility, the vest's mag pouches are designed for 5.56 size Galil mags, so it'll definitely fit magazines the width of an MP7 mag.
I'm more concerned about the length/height of MP7 and if they'll fit in the mag pouches if they can fit an M4 mag or two, wanna compare it to MP7 mags.