diff --git a/packages/vee-validate/src/useField.ts b/packages/vee-validate/src/useField.ts
index 9e5955aec..04db029fd 100644
--- a/packages/vee-validate/src/useField.ts
+++ b/packages/vee-validate/src/useField.ts
@@ -486,8 +486,11 @@ export function useFieldValue<TValue>(
     return ref(unref(initialValue)) as WritableRef<TValue>;
   }
 
-  // set initial value
-  form.stageInitialValue(unref(path), unref(initialValue));
+  // to set the initial value, first check if there is a current value, if there is then use it.
+  // otherwise use the configured initial value if it exists.
+  // #3429
+  const currentValue = getFromPath(form.values, unref(path), unref(initialValue));
+  form.stageInitialValue(unref(path), currentValue === undefined ? unref(initialValue) : currentValue);
   // otherwise use a computed setter that triggers the `setFieldValue`
   const value = computed<TValue>({
     get() {
diff --git a/packages/vee-validate/tests/Form.spec.ts b/packages/vee-validate/tests/Form.spec.ts
index 4a9e38fd6..0bddb179e 100644
--- a/packages/vee-validate/tests/Form.spec.ts
+++ b/packages/vee-validate/tests/Form.spec.ts
@@ -2205,4 +2205,32 @@ describe('<Form />', () => {
 
     expect(value.value).toBe(undefined);
   });
+
+  // #3429
+  test('Two fields of the same name should not override each other value when either is mounted', async () => {
+    const isHidden = ref(false);
+    const value = ref('');
+    mountWithHoc({
+      setup() {
+        return {
+          value,
+          isHidden,
+        };
+      },
+      template: `
+      <VForm>
+        <Field name="name" type="text" v-model="value" /> 
+        <Field v-if="isHidden" name="name" type="text" v-model="value" /> 
+      </VForm>
+    `,
+    });
+
+    await flushPromises();
+    const input = document.querySelector('input') as HTMLInputElement;
+    setValue(input, '1234');
+    await flushPromises();
+    isHidden.value = true;
+    await flushPromises();
+    expect(input.value).toBe(value.value);
+  });
 });