Has phosphatase activity toward PtdIns(4,5)P2 and at a lower extent toward PtdIns(3,4,5)P3 but not toward Ins(1,4,5)P3 (PubMed:19473324, PubMed:21677096, PubMed:23658066). Acts redundantly with CVP2 for maintaining vascular continuity (PubMed:19363154, PubMed:25813544). Regulates phosphoinositide-dependent VAN3 localization (PubMed:19473324). Functions in salt stress response by regulating reactive oxygen species (ROS) production and stress-responsive genes expression (PubMed:21677096). a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-4,5-bisphosphate) + H2O = a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol 4-phosphate) + phosphate a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-3,4,5-trisphosphate) + H2O = a 1,2-diacyl-sn-glycero-3-phospho-(1D-myo-inositol-3,4-bisphosphate) + phosphate Broadly expressed in emerging organs. Mostly localized in procambium of growing organs. Restricted to vascular differentiating cells of young organs. Expressed in developing veins of late torpedo, walking stick and bent cotyledon stage embryos. No visible phenotype (PubMed:19473324). Increased salt sensitivity with reduced production of reactive oxygen species (ROS) (PubMed:21677096). Cvp1 and cvp2 double mutant displays high PtdIns(4,5)P2 levels. Belongs to the inositol polyphosphate 5-phosphatase family.