PURPOSE: To provide an adhesive composition composed mainly of a specified vinyl acetate-based resin emulsion, capable of forming a film having a high elastic modulus, excellent in initial adhesive strength, final adhesive strength and water resistance and useful for, e.g. production of a paper tube.

CONSTITUTION: This adhesive composition is composed mainly of a vinyl acetate-based resin emulsion synthesized by conducting emulsion polymerization of vinyl acetate monomer (and other monomers copolymerizable therewith) in the presence of PVA having 1000 to 2000 average degree of polymerization and ≥94mol% degree of saponification as a protective colloid and a persulfate as a polymerization catalyst. In addition, the adhesive composition preferably contains polypropylene glycol monophenyl ether of the formula n≥1 and preferably n = 1 to 3) in an amount of 2 to 20 pts.wt. based on 100 pts.wt. solid matter in the vinyl acetate-leased resin emulsion.