The paper addresses the influence of regional factors on value chain-based development strategies. First, it elaborates on the development trajectory of the regions included in the study. Second, the main elements of the territorial embedding of value chains are discussed to put in context the economic structure in which they are situated. Third, it elaborates on the differences in societal embedding of the value chains and their influence on the outcomes of competitiveness agreements, taking into account business systems’ variables such as the role of the state, the role of the regional elite and its connections and, the state business relationships. The research approaches the interaction between value chain factors and regional factors in the context of multi-stakeholder agreements at the value chain level. The specific type of analysis developed is same sector and value chain problematique but different regional settings. The selected cases were the value chain ‘cocoa-chocolate’ in the north-eastern region and in Antioquia (Colombia).