Venezuelan President Hugo Chavez has been re-elected for a third term after after running a bitter race against opposition candidate Henrique Capriles.

The win gives Chavez six more years to press ahead with his crusade to turn Venezuela into a socialist country.

"Truthfully, this has been the perfect battle, a democratic battle," Chavez told supporters from the balcony of the presidential palace on Sunday.

"Venezuela will continue along the path of democratic and Bolivarian socialism of the 21st century," he vowed.

Capriles and other opposition leaders accused Chavez of unfairly using Venezuela's oil wealth and his near total control of state institutions to his advantage.

Nevertheless, the 40-year-old offered encouragement to his dejected supporters.

"We have planted many seeds across Venezuela and I know that these seeds are going to produce many trees," he told them.

Chavez has declared America his enemy, and has allied himself with other rivals of the United States.