The present invention relates to a process for preparing an aqueous dispersion of a vinyl acetate polymer comprising the step of polymerizing vinyl acetate under emulsion polymerization conditions in the presence of a chain transfer agent which is a hypophosphite salt or X—R1—SH, where R1 is a C1-C4 alkyl group and X is sulfonate, hydroxyl, sulfate, phosphate, phosphonate, carboxylic acid or a salt thereof, or C1-C3-alkyl carboxylate. The process provides a way of lowering the viscosity of the vinyl acetate polymer at a given solids content.