PURPOSE: To provide the subject water paint containing almost no harmful volatile organic solvents and excellent in chemical resistance or the like by forming the same from a polyepoxide water dispersion and a water dispersion of an urethane oligomer having an amine functional group as its terminal group.

CONSTITUTION: (A) (i) A monoamine is reacted with (ii) a primary amine functional group of a mono-(poly-) functional primary amine compound to form a mono-(poly-) ketimine. Next, (B) (iii) a polyfunctional-hydroxyl-group-containing monomer is mixed with (iv) a bifunctional isocyanate monomer to form a prepolymer, and the component A is added to form (C) an urethane oligomer having the mono (poly) ketimine as its terminal group. Further, the component C is neutralized by an acid, and after hydrolysis ketone is removed to form an oligomer water dispersion. The oligomer water dispersion is mixed with a polyepoxide water dispersion comprising a bifunctional glycidil ether dispersion of bisphenol A having an epoxy equivalent weight of 180 to 525.