'In MO theory, electrons are treated as spreading throughout the entire molecule'- isn't it exhibited in VB theory also?
In MO theory, you construct a molecular orbital by a linear combination of atomic orbitals. Because those atomic orbitals are part of different atoms, in this way, the valence electrons are associated with all the atoms in the molecule. So even if you consider a molecular orbital that is bonding between, let's say, atom 1 and atom 2 in the molecule, that molecular orbital has also contributions from all the other atomic orbitals (besides those that arise from atom 1 or atom 2).

In contrast, in VB theory, a bond between atom 1 and atom 2 can only have atomic orbitals of atom 1 and atom 2. The bond between two atoms is then considered to arise from two weakly coupled atomic orbitals. I have to point out though that modern valence bond theory now complements molecular orbital theory and no longer adheres to the valence bond idea that electron pairs are localized between two specific atoms in a molecule but that they are distributed in sets of molecular orbitals which can extend over the entire molecule.



Given the discussion below, I would like to add to my answer a simple example. Let us consider the $\ce{H2O}$ molecule. Within the framework of Hartree-Fock and using a STO-3G basis set, the $2\sigma$ orbital of water can be expanded in terms of the atomic orbitals as follows:
$$
\psi_{2 \sigma} = (-0.4330)\; \phi_{\textrm{O},1s} + (-0.4686)\; \phi_{\textrm{O},2s} + (0.2369)\; \phi_{\textrm{O},2p_y} + (0.2685)\; \phi_{\textrm{H1},1s} + (0.2685)\; \phi_{\textrm{H2},1s}.
$$

From this expansion you can see that multiple atomic orbitals contribute to the same molecular orbital. This is a molecular orbital that forms, in a way, a multi-atom bond between O and the two H atoms. You could also say that this molecular orbital contributes to both of the O-H bonds (in fact, more molecular orbitals than just the $2\sigma$ do).