A dispersion stabilizer in the present invention contains an aqueous emulsion (a) obtained by dispersing a polymer (A) having an ethylenically unsaturated monomer unit in an aqueous medium, a PVA (B) having a degree of saponification of 65 mol % or more and less than 82 mol % and a viscosity-average degree of polymerization of 250 or more and less than 1500, and a PVA (C) having a degree of saponification of 82 mol % or more and less than 98 mol % and a viscosity-average degree of polymerization of 1500 or more and less than 4000. The dispersion stabilizer contains: 7 to 51 mass % of the polymer (A); 40 to 84 mass % of the PVA (B); and 9 to 53 mass % of the PVA (C), with respect to a total amount of the polymer (A), the PVA (B), and the PVA (C). A vinyl resin satisfying required performance can be obtained using the dispersion stabilizer.