A 'save' is for you MPE project -- the MVP file is basically a list of everything needed to create your film eg clips, cut points, transitions and titles. For video formats you nee to do an 'export'. Look under 'File' >> 'Export movie' >> Video as ...'. You first pick your file type (MPG AVI etc) and then set the parameters needed eg pixel resolution and sound quality. There are lots of pre-set combinations available from the top dropdown or you can define you own.
The defaults settings are generally OK but I generally raise the 'Quality' setting in the advanced section for from 10 to 15.