South Korean President Moon Jae-in said Monday that now is a very important period in settling peace on the Korean Peninsula, explaining the reason for his dispatch of special envoys to the Democratic People's Republic of Korea (DPRK).

"Now is a very important period in settling peace on the Korean Peninsula. That's why I send a special delegation to North Korea (DPRK)," Moon said at a regular meeting with his top aides, according to the presidential Blue House.

Moon said peace on the peninsula should go together with the complete denuclearization of the peninsula, noting that the South Korean government was closely monitoring and carefully managing situations around the peninsula.

The South Korean leader decided to send his five-member special delegation to Pyongyang on Wednesday. They were expected to set a date for the third summit between Moon and top DPRK leader Kim Jong Un, which the two sides agreed to hold in Pyongyang before the end of September.

The special emissaries will be led by Chung Eui-yong, Moon's top national security adviser.