An aqueous dispersion of a vinyl ester/ethylene copolymer is prepared by emulsion copolymerization of a monomer mixture comprising a vinyl ester, ethylene and a polyvinyl alcohol stabilizing system consisting essentially of (a) about 0.5 to about 3 wt % based on the total monomer weight of a first polyvinyl alcohol having a degree of hydrolysis of at least 98 mole % and (b) about 1 to about 4 wt % based on the total monomer weight of a second polyvinyl alcohol having a degree of hydrolysis of about 85 to about 90 mole % and a weight average molecular weight of at least 85,000 g/mol.