Nationalisation imminent
The cement industry nationalisation programme would take place in the "short term," Chavez said, without giving specific dates.
He said cement companies will be compensated for the state takeover of what he called "a strategic industry".
Most of the cement market in Venezuela is supplied by foreign companies.
Mexico's Cemex cement company, which operates three plants in Venezuela, controls almost half the local market.
Mexico's Foreign Relations Department said in a statement that it was conducting talks with Caracas to understand the reach and nature of Chavez's order.
"Naturally, as on previous occasions, the department will do everything within its reach to protect the interests of Mexican companies operating abroad," the statement said.
France's Lafarge and Switzerland's Holcim also have operations in the country.
David Hargreaves, managing editor of International Cement Review, told Al Jazeera that the companies would be "cautiously concerned".
"I think that they will sit tight and see what happens. [Nationalisation] could be a little bit of hype for local consumption."
However, Hargreaves said while nationalisation would be a loss to the foreign companies, Venezuela is only a minor market for cement.
"The European arena is big for Lafarge and Holcim and Mexico is big for all three companies. Geographically they have a large spread. Venezuela is not major league."
The Venezuelan parliament's decision on Thursday to impose a further taxes on oil comes as world oil prices continue to rise.