A proposed link between Vali's name and Old Norse words for growing or ripening, motivated by how quickly the god reaches manhood in the myth itself, is treated in the reference literature as an unconfirmed coincidence with the story rather than an established derivation.
What would resolve this A philological study weighing the proposed growing or ripening derivation against the alternatives, or an independent early attestation of the name outside the mythic narrative that could confirm or rule out the connection.
OpenOld Norse philology, historical linguistics of the Germanic languagesJohn Lindow, Norse Mythology: A Guide to the Gods, Heroes, Rituals, and Beliefs