To provide a method for manufacturing an aqueous emulsion which has excellent water resistance and freeze/thaw stability, is excellent in polymerization stability even at low viscosity, and is excellent in storage stability.

The method for manufacturing an aqueous emulsion is characterized in that a vinyl ester monomer is subjected to emulsion polymerization wherein (1) a vinyl alcohol polymer having a degree of saponification of 75 mol% or higher is used as a dispersant, (2) at least one polymerization initiator selected from hydrogen peroxide, ammonium persulfate and potassium persulfate is used, (3) the vinyl ester monomer in an amount less than 15 wt.% based on the whole amount of the monomer is charged in the initial period of polymerization, (4) the vinyl ester monomer in an amount of 85 wt.% or more based on the whole amount of the monomer is continuously or discontinuously added in the latter period of polymerization, and (5) the average amount of residual vinyl ester monomer in the latter period of polymerization is kept to 7 wt.% or less.