Mr Chavez said he wanted to see major Venezuelan power and telecoms companies come under state control.
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 The country's telecoms giant CANTV is an expected target
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Mr Chavez's comments came in an address to the nation following the swearing in of his new cabinet.
"All of that which was privatized, let it be nationalised," he said during the speech.
"The nation should recover its ownership of strategic sectors."
Mr Chavez will be sworn in for a third term of office on Wednesday after winning presidential elections in December with almost 63% of the vote.
Recovering ownership
Relations between Caracas and Washington have come under increasing strain in the past few years, with the US accusing Mr Chavez of trying to destabilise Latin America.
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 We're heading toward socialism, and nothing and no-one can prevent it 
Venezuelan President Hugo Chavez
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Mr Chavez said Venezuela was moving towards "a socialist republic" that required "deep reform of our national constitution".
"We are in an existential moment of Venezuelan life," he said. "We're heading toward socialism, and nothing and no-one can prevent it."
Mr Chavez demanded an end to the current autonomy of the country's central bank and said he would ask Venezuela's parliament to grant him additional powers to legislate by presidential degree.
He has argued in the past with bank directors who have opposed his lavish spending of Venezuela's vast oil wealth.
His calls for nationalisation appeared in particular to affect Electricidad de Caracas, which is currently owned by US firm AES, and CA Nacional Telefonos de Venezuela (CANTV), the country's largest publicly traded company.
Mr Chavez had threatened to nationalise the company earlier this year unless they lifted their pension payment to meet those of the minimum wage.
The BBC's Daniel Schweimler says that these bold moves by Mr Chavez, who now has allies across Latin America, will shock some and be welcomed by others.
He says they are certain to deepen the rift in an already divided country.
