[1] The result was a victory for the New Korea Party, which won 139 of the 299 seats in the National Assembly.

Of the 299 seats, 253 were elected in single-member districts via first-past-the-post voting, while the remainder were allocated via proportional representation at the national level.

Kim had retired from politics following his loss in the 1992 Presidential election but formed the new party after his return in 1995.

He had been a member of the former ruling Democratic Liberal Party but broke with it after Kim's victory in 1992.

It supported Kim Dae-jung's unsuccessful Presidential campaign in 1992 and was the largest opposition party in the outgoing National Assembly.