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Kim's New Year's Day address - his seventh since taking power - is set to air on North Korea's state-run television network.

Kim said he was willing to meet the US president at any time, mixing in conciliatory messages with his warnings of conflict to Washington and Seoul in his annual speech where he laid out policy priorities for his isolated and impoverished country.

North Korean leader Kim Jong-un has said he is committed to denuclearisation, but warned he will change course if the USA continues its sanctions.

North Korea, however, would have "no option but to explore a new path in order to protect our sovereignty" if the United States "miscalculates our people's patience, forces something upon us and pursues sanctions and pressure without keeping a promise it made in front of the world", Kim said in his nationally televised address.

North Korean leader Kim Jong Un has warned there will be consequences if the U.S. "continues to break its promises and misjudges the patience of our people".

He was referring to his landmark summit with US President Donald Trump in Singapore in June, when he said he had "fruitful talks" and "exchanged constructive ideas".

Pyongyang has demanded Washington lift sanctions and declare an official end to the 1950-53 Korean War in response to its unilateral steps toward denuclearization - including a moratorium on atomic tests, longer-range missile launches and closure of key sites.

Kim also wants the Trump administration to stop carrying out military exercises with South Korea.

The video, posted to the official White House Twitter page, carried the caption: "2018 has been a year of historic accomplishments".

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While the North has stopped missile and nuclear testing, there's been little indication that Pyongyang is working towards complete and verifiable denuclearisation as the U.S. has called upon it to do.

"We're in no rush".

The two leaders traded personal insults - Trump mocked Kim as "Little Rocket Man", who in turn called him a "mentally deranged USA dotard" - and threats of war.

A rapid sequence of developments followed, with athletes and a senior delegation led by Kim's powerful sister going to the Pyeongchang Games in February, before Kim met Chinese President Xi Jinping in Beijing ahead of the Singapore summit with Trump.

In the 30-minute speech, Kim spent more than 20 minutes highlighting his campaign to create a self-reliant economy despite a "harsh economic blockade". He said he was willing to resume joint projects with the South, including reopening the Kaesong industrial park and Mount Kumgang resort, without conditions.

Duyeon Kim, from the Center for a New American Security, told CNN that the New Year's message was "confident" and "normal", but added that the message to the USA was clear: "He still sent a very firm word of caution, bordering a nuanced threat, that if Washington doesn't keep its Singapore promise and continues with sanctions, then he has Plan B in mind and will go his separate way". "A deadlock in US-North Korea talks is likely to continue for now".

Last year's speech set the country on an unprecedented path of global diplomacy with South Korea and the US.

The statement jarred with Seoul's claim that Kim is genuinely interested in negotiating away his nukes and suggested that the North will potentially demand the United States withdraw or significantly reduce the 28,500 American troops stationed in South Korea, a major sticking point in any disarmament deal.