North Korea is preparing a large-scale parade to mark the 75th anniversary of the founding of the Labor Party on October 10, according to South Korea's Defense Ministry.

"The North Korean military is continuing its activities to prepare for an event to mark the 75th anniversary of the Labor Party on October 10," the Ministry of Defense said in a report to the National Assembly's Defense Committee.

South Korea's defense ministry predicts that North Korea will exhibit an intercontinental ballistic missile (ICBM) or submarine-launched ballistic missile (SLMB) during the parade, based on photos of new buildings.

The Korean Workers' Party was established on October 10, 1945, on the basis of merging the Korean Communist Party and the new Democratic Party of Korea.

North Korea often holds parades on major holidays to show its military power and introduce new weapons, including long-range missile models.

South Korea's Defense Ministry said it had not detected any unusual activity related to North Korea's nuclear program, but the missile program continued.

"No signs of a new ICBM launch are yet to be discovered. However, we are ready to deal with all possibilities and are closely monitoring the situation," Defense Minister Jeong Kyeong-doo said during the session.

North Korea earlier this year conducted several short-range weapons tests, while nuclear talks with the United States stalled.

South Korean Defense Minister Jeong Kyeong-doo said North Korea was "coming close" to mastering the technology to launch SLBMs from submarines.

South Korea's defense ministry issued a report amid rising tensions between the two Koreas.

"We closely monitor the North's movements around the clock and maintain readiness. If North Korea provokes it, we will respond immediately," Minister Jeong said.

South Korea and the United States have also strengthened joint surveillance and information sharing against "threats from North Korea," and will hold joint drills of similar intensity last year, South Korea's Defense Ministry said.