You actually have to work on BOTH as the Axis.
You need income to support your armies, prevent the Allies from outbuilding you by a massive scale, and to spread out the Allied attack. But you need to be driving on the VC’s while you are doing it.
Fortunately, they two go hand in hand for the Axis…
India is a VC and a nice income shift (-3 UK, +3 Japan).
Karelia is a VC and reverses the income loss from Russia taking West Russia.
For the Axis, I guess the only question is Africa in the above context. And my response there is you do an INITIAL push in Africa for a few extra IPC’s and to force the Allies to divert forces there, then you can largely ignore it for a while unitl Japan moves in.
As the Allies…
They have to preserve UK’s income to be effective, which means they have to go into Africa if Germany pushes hard there.
Russia has to trade in central Europe in order to maintain income, but the VC of Karelia is pretty much a loss for them.
India is nice to hold for a while, but ultimately too expensive to try to defend, especially in a KGF.
And in the Pacific… Grab what you can get and not not burned on the counter!