Chartjs-How to set y axis value in vertical bar chart using chart JS

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If you want to change just the text of the y axis labels, they can be changed completely by setting the function options.scales.y.ticks.callback, see the documentation and API reference for details. In your case, to make negative values read positive you may use:

callback: function(val){
    return this.getLabelForValue(Math.abs(val));
}

or

callback: function(val){
    return this.getLabelForValue(val).replace(/^-/, '');
}

var ctx = document.getElementById('chart1');
var MONTHS = [
    "January",
    "February",
    "March",
    "April",
    "May",
    "June",
    "July",
    "August",
    "September",
    "October",
    "November",
    "December",
];

var barChartData = {
    labels: ["January", "February", "March", "April", "May", "June", "July"],
    datasets: [
        {
            label: "Dataset 1",
            backgroundColor: 'rgba(255, 201, 14, 1)',
            borderColor: 'rgba(255, 201, 14, 1)',
            borderWidth: 1,
            data: [
                10,
                20,
                30,
                40,
                50
            ],
        },
        {
            label: "Dataset 2",
            backgroundColor: 'rgba(255, 201, 14, 1)',
            borderColor: 'rgba(255, 201, 14, 1)',
            borderWidth: 1,
            data: [
                -100,
                -200,
                -300,
                -400,
                -500
            ],
        },
    ],
};

new Chart(ctx, {
    type: "bar",
    data: barChartData,
    options: {
        responsive: true,
        legend: {
            position: "top",
        },
        title: {
            display: true,
            text: "Chart.js Bar Chart",
        },
        scales:{
            y: {
                ticks: {
                    callback: function(val){
                        return this.getLabelForValue(Math.abs(val));
                        // or: //return this.getLabelForValue(val).replace(/^-/, '');
                    },
                }
            }
        },
    },
});
<canvas id="chart1" style="height:500px"></canvas>

<script src="https://cdnjs.cloudflare.com/ajax/libs/Chart.js/4.1.2/chart.umd.js"
        integrity="sha512-t41WshQCxr9T3SWH3DBZoDnAT9gfVLtQS+NKO60fdAwScoB37rXtdxT/oKe986G0BFnP4mtGzXxuYpHrMoMJLA==" crossorigin="anonymous" referrerpolicy="no-referrer"></script>

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