"Nothing and nobody can stop it. The Constituent Assembly is happening," Foreign Minister Samuel Moncada told a news conference.

"The Venezuelan people are free and will respond united to the insolent threat made by a xenophobic and racist empire."

The sharp words came a day after Trump warned of "strong and swift economic actions" against Venezuela if the July 30 election of the Constituent Assembly was held.

He did not specify what form those "actions" could take.

Venezuela, which is almost entirely reliant on its oil exports for revenues, ships a third of its crude production to the United States.