To provide a water-soluble phenolic resin composition miscible with synthetic rubber latex such as styrene-butadiene rubber latex (SBR latex), nitrile-butadiene rubber latex (NBR latex) and methacrylate-butadiene rubber latex (MBR latex), imparting softness and improving the texture and adhesiveness and useful for the impregnation and coating to various substrates such as fibrous substrate and glass roving, and provide a binder containing the resin composition.

The water-soluble phenolic resin composition is produced by reacting formaldehyde (F) with phenol (P) at an F/P molar ratio of (1.0-3.0)/1.0 and using lithium hydroxide as a catalyst in an amount of 0.10-0.50 mol based on phenol. The invention further provides a binder containing the water-soluble phenolic resin composition.

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