Old order swept away The new constitution gives Mr Chavez a six-year term that can be extended by another six years. It is the third time in two years that Mr Chavez has been sworn in - a result of his transformation of the old political order. The ceremony at the legislative palace in the capital Caracas was attended by dignitaries and senior officials, but no foreign heads of state.
Critics say the Venezuelan president's populism and foreign policy have scared potential investors.
Despite opposition from the United States, Mr Chavez recently visited Iraq and Libya during a tour of the world's major oil-producing nations. He was the first foreign head of state to visit Iraqi President Saddam Hussein since the 1991 Gulf War. He has invited Opec leaders to a summit in Caracas next month. Opposition candidates say there were election abuses Mr Chavez's landslide re-election was seen as a ringing endorsement of his constitutional reform, which includes rebuilding every political institution and giving him sweeping powers. His leftist coalition has scrapped the old Congress and Supreme Court, and dealt heavy blows to the two traditional political parties that ruled Venezuela during 40 years of democracy.