An aqueous binder composition. The aqueous binder composition is obtainable by radically initiated polymerization of vinyl acetate and ethylene, in the presence of polyvinyl alcohol in an aqueous medium, wherein (a) 50 to 94 wt % of vinyl acetate, (b) 5 to 40 wt % of ethylene, (c) 0.2 to 5 wt % of acrylamide and/or methacrylamide, and (d) 0.2 to 5 wt % of maleic anhydride and/or maleic acid are copolymerized in the presence of a polyvinyl alcohol having a degree of hydrolysis of 80 to 99 mol %. The amounts in wt % are each based on the total weight of the comonomers and add up in each case to 100 wt %.