PURPOSE: To obtain the title composition which has excellent water resistance and storage stability and enables wet-on-wet coating in a short time, by dispersing a specified synthetic resin and a pigment in water or an aqueous solvent composed mainly of water.

CONSTITUTION: The title composition is obtained by dispersing in water or an aqueous solvent composed mainly of water at least one synthetic resin (A) selected from an acrylic(-modified epoxy) resin, an acrylic-modified alkyd resin, and an epoxy-modified alkyd resin, neutralized with a neutralizing agent (e.g., diethylethanolamine); a pigment (B) having a particle diameter of 10μm or smaller; and if required, a dispersing agent, an antifoaming agent, an antiseptic, etc. (C).