The invention relates to an aqueous dispersion comprising microcapsules, the capsule wall of which is formed from radically polymerized monomers and the capsule core of which comprises at least one oil, in which the capsule core comprises at least one lipophilic surfactant and the continuous phase of the dispersion comprises at least one agrochemical. In addition, the invention relates to a process for the preparation of an aqueous dispersion by (i) providing an aqueous dispersion comprising microcapsules, the capsule wall of which is formed from radically polymerized monomers and the capsule core of which comprises at least one oil and at least one lipophilic surfactant (microcapsule crude dispersion), and (ii) mixing with at least one agrochemical. Furthermore, the invention relates to the use of the microcapsule crude dispersion for the preparation of an aqueous dispersion, and also to a product comprising, as separate components, a microcapsule crude dispersion and at least one agrochemical for combined use in combating undesirable plant growth and/or in combating undesirable insect or acarid infestation on plants and/or in combating phytopathogenic fungi.