1 VP for each strat town, 1 VP (cumulative) for each objective.
You also get VP by killing enemies, and in some cases if you achieve something very special, like taking Louisbourg with the English in the FIW (but its in the scripting engine).
Basically: control the territory and kill your foe
Hofstadter's Law: "It always takes longer than you expect, even when you take into account Hofstadter's law."
do you get 1 VP on the 1st turn you take a new town, 2 on the second, and so forth? so holding an objective for a long time becomes exremely important?