diff --git a/pydantic/main.py b/pydantic/main.py
index cd68d4b..d59736d 100644
--- a/pydantic/main.py
+++ b/pydantic/main.py
@@ -293,7 +293,7 @@ class BaseModel(metaclass=MetaModel):
         elif self.__config__.validate_assignment:
             value_, error_ = self.fields[name].validate(value, self.dict(exclude={name}), loc=name)
             if error_:
-                raise ValidationError([error_], self)
+                raise ValidationError([error_], type(self))
             else:
                 self.__values__[name] = value_
                 self.__fields_set__.add(name)
@@ -783,11 +783,15 @@ def validate_model(  # noqa: C901 (ignore complexity)
                 for f in sorted(extra):
                     errors.append(ErrorWrapper(ExtraError(), loc=f, config=config))
 
-    if not raise_exc:
-        model_type = model if isinstance(model, type) else type(model)
-        return values, fields_set, ValidationError(errors, model_type) if errors else None
-
+    err = None
     if errors:
         model_type = model if isinstance(model, type) else type(model)
-        raise ValidationError(errors, model_type)
+        err = ValidationError(errors, model_type)
+
+    if not raise_exc:
+        return values, fields_set, err
+
+    if err:
+        raise err
+
     return values, fields_set, None
diff --git a/tests/test_error_wrappers.py b/tests/test_error_wrappers.py
index 1738c2e..fc7bfce 100644
--- a/tests/test_error_wrappers.py
+++ b/tests/test_error_wrappers.py
@@ -261,3 +261,19 @@ def test_nested_error():
     expected = [{'loc': ('data1', 0, 'data2', 0, 'x'), 'msg': 'field required', 'type': 'value_error.missing'}]
 
     assert exc_info.value.errors() == expected
+
+
+def test_validate_assignment_error():
+    class Model(BaseModel):
+        x: int
+
+        class Config:
+            validate_assignment = True
+
+    model = Model(x=1)
+    with pytest.raises(ValidationError) as exc_info:
+        model.x = 'a'
+    assert (
+        str(exc_info.value)
+        == '1 validation error for Model\nx\n  value is not a valid integer (type=type_error.integer)'
+    )