diff --git a/app/vmalert/notifier/alert.go b/app/vmalert/notifier/alert.go
index 89dca7e17..9be76aeed 100644
--- a/app/vmalert/notifier/alert.go
+++ b/app/vmalert/notifier/alert.go
@@ -170,6 +170,8 @@ func templateAnnotation(dst io.Writer, text string, data tplData, tmpl *textTpl.
 	if err != nil {
 		return fmt.Errorf("error cloning template before parse annotation: %w", err)
 	}
+	// Clone() doesn't copy tpl Options, so we set them manually
+	tpl = tpl.Option("missingkey=zero")
 	tpl, err = tpl.Parse(text)
 	if err != nil {
 		return fmt.Errorf("error parsing annotation template: %w", err)
diff --git a/docs/CHANGELOG.md b/docs/CHANGELOG.md
index 051231031..ede415cbb 100644
--- a/docs/CHANGELOG.md
+++ b/docs/CHANGELOG.md
@@ -44,6 +44,7 @@ created by v1.90.0 or newer versions. The solution is to upgrade to v1.90.0 or n
 * BUGFIX: [MetricsQL](https://docs.victoriametrics.com/MetricsQL.html): properly convert [VictoriaMetrics historgram buckets](https://valyala.medium.com/improving-histogram-usability-for-prometheus-and-grafana-bc7e5df0e350) to Prometheus histogram buckets when VictoriaMetrics histogram contain zero buckets. Previously these buckets were ignored, and this could lead to missing Prometheus histogram buckets after the conversion. Thanks to @zklapow for [the fix](https://github.com/VictoriaMetrics/VictoriaMetrics/pull/4021).
 * BUGFIX: properly support comma-separated filters inside [retention filters](https://docs.victoriametrics.com/#retention-filters). See [this issue](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/3915).
 * BUGFIX: verify response code when fetching configuration files via HTTP. See [this issue](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/4034).
+* BUGFIX: [vmalert](https://docs.victoriametrics.com/vmalert.html): replace empty labels with "" instead of "<no value>" during templating, as Prometheus does. See [this issue](https://github.com/VictoriaMetrics/VictoriaMetrics/issues/4012).
 
 
 ## [v1.89.1](https://github.com/VictoriaMetrics/VictoriaMetrics/releases/tag/v1.89.1)