To produce a composition for an aqueous emulsion having a high viscosity and excellent in water resistance and excellent adhesive properties to wood materials, and produce an aqueous emulsion of a wood-working adhesive.

An aqueous emulsion comprises a dispersoid which comprises a polymer having a vinyl ester monomer unit and a dispersant which comprises a composition comprising (A) a vinyl alcohol polymer containing 3-12 mol% ethylene unit (X1) and (B) a vinyl alcohol polymer containing 1-7 mol% ethylene unit (X2) wherein X12≥0.3 mol%. The wood-working adhesive comprises the emulsion.