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The Belle II experiment located at KEK, Japan takes data from asymmetric e + e − collision provided by the SuperKEKB accelerator. The Silicon Vertex Detector (SVD), which is part of the Belle II Vertex Detector (VXD), has been operating smoothly and reliably since the start of data taking in March 2019. In this article, we report on the performance of the SVD in terms of the large signal-to-noise ratio, the good hit position resolution as well as the good hit-time resolution. New algorithms based on hit-time information are under development to improve robustness of tracking performance within the anticipated high background environment. The Background situation of the SVD has been constantly monitored and no degradation in performance is observed so far. To investigate the SVD performance at high luminosity runs in the future, simulation as well as an irradiation campaign are launched and their results are summarized. During the first long shutdown of the Belle II experiment, which starts from June 2022, the VXD has been refurbished with a new two-layer DEPFET pixel detector located inside the SVD. All the delicate phases of the disassembly, re-assembly and installation of the new VXD have been successfully completed. The new VXD commissioning phase began in Sept 2023 to get ready for beam operation starting in early 2024. [ABSTRACT FROM AUTHOR]