An aqueous polymer emulsion comprising: i) as polymerized units, from 20% to 80% by dry weight, based on total dry weight of the polymer, of vinyl acetate; ii) as polymerized units, from 20% to 80% by dry weight, based on total dry weight of the polymer, of an α, β-ethylenically unsaturated carboxylic ester monomer; iii) as polymerized units, from 0.1% to 5% by dry weight, based on total dry weight of the polymer, of a stabilizer monomer; iv) from 0.05% to 1% by dry weight, based on total dry weight of the polymer, of a surfactant, wherein said aqueous polymer emulsion has a viscosity of less than 100 cps. An aqueous adhesive composition comprising said aqueous polymer emulsion.