A process for polymerizing vinyl chloride alone or a mixture of vinyl chloride and other vinyl monomer(s) with hydroxy containing monomer(s), and the copolymer obtained thereby. The hydroxy containing monomer(s) is obtained by the partial allylation of dihydroxy or polyhydroxy alcohols. The copolymers are prepared by suspension polymerization. The presence of the hydroxyl groups significantly modifies the characteristics of the polymers. Plasticizer-take-up is increased and dry-time is reduced significantly. Furthermore, the hydroxyl groups become the sites for postpolymerization reactions due to their polarity and reactivity.