Abstract This study investigated etherified melamine–formaldehyde (MF) and polyvinyl acetate copolymer hybrid resins with different intumescent formulations to improve the flame retardancy of plywood. The CO and CO 2 emissions of intumescent coatings were also investigated. The miscibility of two resins is indicated by a single cure peak. Intumescence with a hybrid resin demonstrated better flame retardancy relative to that with a pure etherified MF resin. The results of scanning electron microscopy and a cone calorimeter test indicated that a lower binder resin (BR) content enhances fire retardancy and forms an ideal char. Furthermore, an evaluation of total heat release in addition to CO and CO 2 emissions (for 300 s) revealed that the intumescent coating had the same flame retardancy when the BR content was increased by 40%. The survival duration of the chemical structures of the phosphocarbonaceous chars was verified using Fourier‐transform infrared spectroscopy and solid‐state phosphorus‐31 nuclear magnetic resonance analyses.