In this paper we study the approximability of (Finite-)Valued Constraint Satisfaction Problems (VCSPs) with a fixed finite constraint language Γ consisting of finitary functions on a fixed finite domain. An instance of VCSP is given by a finite set of variables and a sum of functions belonging to Γ and depending on a subset of the variables. Each function takes values in [0, 1] specifying costs of assignments of labels to its variables, and the goal is to find an assignment of labels to the variables that minimizes the sum. A recent result of Ene et al. says that, under the mild technical condition that Γ contains the function corresponding to the equality relation, the basic LP relaxation is optimal for constant-factor approximation for VCSP(Γ) unless the Unique Games Conjecture fails. Using the algebraic approach to the CSP, we give new natural algebraic conditions for the finiteness of the integrality gap for the basic LP relaxation of VCSP(Γ). We also show how these algebraic conditions can in principle be used to round solutions of the basic LP relaxation, and how this leads to efficient constant-factor approximation algorithms for several examples that cover all previously known cases that are NP-hard to solve to optimality but admit constant-factor approximation. Finally, we show that the absence of another algebraic condition leads to NP-hardness of constant-factor approximation. Thus, our results strongly indicate where the boundary of constant-factor approximability for VCSPs lies. ✩ This article is an extended version of a paper published in the proceedings of SODA'15. (Rajsekar Manokaran) 21, 32]). Much work around the Unique Games Conjecture (UGC) directly concerns CSPs [21]. This conjecture states that, for any ǫ > 0, there is a large enough number k = k(ǫ) such that it NP-hard to tell ǫ-satisfiable from (1 − ǫ)-satisfiable instances of CSP(Γ k ), where Γ k consists of all graphs of bijections on a k-element set. Many approximation algorithms for classical optimization problems have been shown optimal assuming the UGC [21,32]. Raghavendra proved [17] that one SDP-based algorithm provides optimal approximation for all problems GCSP(Γ) assuming the UGC. In this paper, we investigate problems VCSP(Γ) and Min CSP(Γ) on an arbitrary finite domain that belong to APX, i.e. admit a (polynomial-time) constant-factor approximation algorithm, proving some results that strongly indicate where the boundary of this property lies.Related Work. Note that each problem Max CSP(Γ) trivially admits a constantfactor approximation algorithm because a random assignment of values to the variables is guaranteed to satisfy a constant fraction of constraints; this can be derandomized by the standard method of conditional probabilities. The same also holds for GCSP. Clearly, for Min CSP(Γ) to admit a constant-factor approximation algorithm, CSP(Γ) must be polynomial-time solvable.The approximability of problems VCSP(Γ) has been studied, mostly for Min CSPs in the Boolean case (i.e., with domain {0, 1}, such CSPs are sometimes ...