A process for the production of water-dilutable binders based on air-drying short-oil alkyd resins acidified by semiester formation with dicarboxylic acid anhydrides which alkyd resins have acid numbers of from 30 to 70 and hydroxyl numbers of from 40 to 120 and a content of natural unsaturated fatty acids in an amount of from 15 to 50 % by weight and of a co-condensed natural-resin-modified phenol resol resin in an amount of from 2 to 10 % by weight, characterized in that 1. the molar composition of the alkyd resin before semiester formation corresponds to a polyalcohol/polycarboxylic acid (anhydride)/monocarboxylic acid ratio of 1 : (0.5-1) : (0.3-1), and 2. polyalcohols, polycarboxylic acids resp. their anhydrides, monocarboxylic acids and phenolic resins are co-condensed in a single process stage, followed only by semiester formation with dicarboxylic acid anhydrides.