Myanmar is set to get a new government after holding its first democratic national election on Sunday, as Aung San Suu Kyi's National League for Democracy has reportedly defeated the ruling military-backed USDP party. 

Suu Kyi's party has said that it is likely to win over 70 percent of seats, which will give it a strong majority and help limit the military bloc's influence in the government.

Myanmar's ruling party conceded defeat to Suu Kyi's NLD as per reports. 

Suu Kyi, the 70-year-old opposition leader known internationally for her resistance to the military rule, had earlier hinted at her party's victory on Monday, according to The Associated Press. 

Former ruling party chair Shwe Mann had already conceded defeat to the NLD.

However, the Union Election Commission is expected to formally announce the Myanmar election result at 6 pm local time. 

Celebrations have already begun at the NLD headquarters in Yangon, but Suu Kyi has warned supporters not to provoke rival parties. 

"We're leading the race but we can't say for sure we'll win two-thirds of the seats in parliament that would enable us to form an independent government without forming a coalition," NLD spokesman Han Tha Myint was quoted saying by The Guardian.

70% of the 30 million eligible voters in Myanmar cast their votes on Sunday. The election was said to be held peacefully and transparently, but there has been outrage among thousands of Rohingya Muslims who were denied the right to vote.