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valueFormatString property is used to format the axis labels but you seem to be getting confused it with xValueFormatString. xValueFormatString is used to format the x-values shown in tooltip & indexlabel.
Also, labelFormatter overrides the valueFormatString property which might not work properly in your case. Setting just valueFormatString & removing labelFormatter should work fine in your case.
If you are still facing the issue, kindly share the sample project reproducing the issue over Google-Drive or Onedrive so that we can look into the code / chart-options being used, and run the project locally to understand the scenario better and help you out.