The silicon vertex detector (SVD) is installed at the heart of the Belle II experiment, taking data at the high-luminosity B-Factory SuperKEKB since 2019. The SVD is a four-layer double-sided strip detector with tracking and particle-identification capabilities. In this paper, we report on the performance of the reconstruction of SVD hits. The detector has shown a stable and above-99% hit efficiency, with a large signal-to-noise in all sensors since the beginning of data taking. Cluster position and time resolution have been measured with 2020 and 2022 data and show excellent performance and stability. In particular, the cluster-position resolution is between 7 and 12 μm for the small-pitch sensors, in reasonable agreement with the expectations, while the cluster time resolution is measured to be below 3 ns. The effect of radiation damage is visible, but not affecting the performance. As the luminosity increases, higher machine backgrounds are expected and the excellent hit-time information in SVD can be exploited for background rejection. In particular, we have recently developed a novel procedure to select hits by grouping them event-by-event based on their time. This new procedure allows a significant reduction of the fake rate, while preserving the tracking efficiency, and it has therefore replaced the previous cut-based procedure. We have developed a method that uses the SVD hits to estimate the track time (previously unavailable) and the collision time. It has a similar precision to the estimate based on the drift chamber readout but its execution time is three orders of magnitude smaller, allowing a faster online reconstruction that is crucial in a high luminosity regime. The track time is a powerful information that allows, together with the aforementioned grouping selection, to raise the occupancy limit above that expected at nominal luminosity, leaving room for a safety factor. Finally, in June 2022 the data taking of the Belle II experiment was stopped to install a new two-layer DEPFET detector (PXD) and upgrade components of the accelerator. The whole silicon tracker (PXD+SVD) has been extracted from Belle II, the new PXD installed, the detector closed and commissioned. We briefly describe the SVD results of this upgrade.
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