While trying to export my Excel contacts to vCard, I ran into the same problem. There were only a few tools that did not mess up the formatting and some that even skipped phone numbers. Softaken Excel to vCard Converter turned out to be the most helpful tool for me because it is very friendly to the contact fields and supports vCard 2.1, 3.0, and 4.0. You can also try the demo version for free to see how it works. I cannot express enough how the batch Excel to vCard conversion option saved my time when I had hundreds of contacts. If you need trustworthy results, it is my utmost suggestion that you take a look at it.
For more info: https://www.softaken.com/excel-to-vcard-converter