I'll assume that "enhance the vibrancy of colour" means something like turning up the saturation in a photo editing application. I think it's highly unlikely that this could be accomplished using analogue optics, because it's a highly nonlinear operation. This is because we need to block or let through light in three different frequency ranges (red, green and blue) by an amount that depends on the amount of light of other frequencies that's also hitting the filter.
For example, suppose there is a small amount of blue light hitting one part of the filter. If this is the only light hitting it then it will be perceived as a dark but vibrant blue and we should let as much through as possible. However, if there is also a larger amount of red and green light hitting the filter then the blue light is merely diluting the saturation of a yellow shade, making it appear greyish, and we should block some of the blue light while letting the other frequencies through. This sort of thing would need to happen reliably across a very wide range of light intensities. While materials that have non-linear effects on the frequency of light do exist, creating something with properties this specific is probably impossible.
Of course, it is possible to enhance the saturation of an image digitally, so could we do that in something the size of a contact lens? I strongly suspect this is also impossible, for a few different reasons. It's certainly far beyond the reach of modern technology.
The first reason is the miniaturisation of the screen. It would have to have an enormous resolution, a dynamic range (difference between the lowest and highest intensities it can emit) many orders of magnitude higher than any currently available display, and draw an incredibly tiny amount of power.
The second reason is the camera. Not just because of the resolution, sensitivity and size of the sensor, but also because the distance between this camera's lens and its sensor would have to be less than a millimetre, and I don't think there's any trick that would allow a sharp image to be produced under such circumstances.
Finally, the eye can't focus on something that's attached to its surface, so the screen would somehow have to emit parallel rays of light, rather than emitting light in all directions like a normal screen. I don't know whether this is possible for such a small device, but I suspect not.
So unfortunately the answer to your question is, this certainly won't be possible in the near future, and it probably never will.
On the other hand, if you don't mind wearing goggles then it's possible with current technology: you just need a virtual reality helmet with cameras on the front. I have tried such a device, and it's surprising how much it feels like you're not looking through a screen.