Ruling Democratic Party presidential candidate Lee Jae-myung congratulated rival Yoon Suk Yeol on his victory, asking Yoon to overcome division and conflict to usher in an era of integration and harmony.

In the early morning hours on Thursday when Yoon's win was confirmed, Lee held a press hearing at the ruling party's headquarters in Yeouido, saying he did his best but failed to meet expectations.

Lee said he will take full responsibility as the defeat was a result of his own shortcomings, not because of his supporters nor the Democratic Party.

He added that he still has faith in the South Korean people who showed a high level of democratic consciousness, posting a high voter turnout despite the persisting COVID-19 crisis.

He also said the people will continue to be the driving force behind the country's advances, adding that he hopes Korea will overcome the pandemic and resume their normal routines as soon as possible.