Lee Jae-myung, the presidential candidate of the liberal Democratic Party, speaks at an event near the National Assembly in Seoul on Wednesday. (Yonhap)
Lee Jae-myung, the presidential candidate of the liberal Democratic Party, speaks at an event near the National Assembly in Seoul on Wednesday. (Yonhap)

President Lee Jae-myung formally began his five-year term Wednesday after the National Election Commission confirmed his election victory.

Lee assumed the presidency at 6:21 a.m., following the NEC's approval of his win during a plenary session.

He takes office immediately without a transition period, as the snap election was held Tuesday to replace former President Yoon Suk Yeol, who was ousted over a failed bid to impose martial law.

He assumed presidential duties, including the role of commander-in-chief, from acting President Lee Ju-ho.

Lee, the liberal Democratic Party candidate, won the election with 49.42 percent of the vote, defeating his conservative People Power Party rival Kim Moon-soo, who received 41.15 percent.

DP floor leader Park Chan-dae is set to collect the official certificate of election from the NEC office in Gwacheon, just south of Seoul.

On the first day, Lee will be sworn in during a scaled-down inauguration ceremony at the National Assembly at 11 a.m.

Prior to the ceremony, he plans to pay tribute at Seoul National Cemetery. (Yonhap)