Bring a large pot of water to a boil and blanch the pork belly chunks for 3 minutes to remove impurities, then drain and rinse with cold water.

In a mixing bowl, combine the blanched pork with minced garlic, chopped shallots, 1 tablespoon of fish sauce, and black pepper, letting it marinate for 15 minutes.

In a heavy-bottomed pot or Dutch oven, heat the vegetable oil and sugar over medium heat, stirring constantly until the sugar melts and turns a deep golden amber color.

Immediately add the marinated pork to the pot and stir vigorously to coat the meat in the caramel, searing for about 2-3 minutes until browned.

Pour in the coconut water and the remaining 2 tablespoons of fish sauce, bringing the liquid to a boil before reducing the heat to a low simmer.

Skim off any foam from the surface, cover the pot, and let the pork braise gently for 45 minutes.

Add the peeled hard-boiled eggs to the pot, gently turning them to coat in the sauce, and continue to simmer uncovered for another 30-40 minutes.

Cook until the pork is fork-tender and the sauce has reduced to a rich, glistening consistency.

Serve the caramelized pork and eggs hot over steamed white rice, garnished with fresh green onions and chili.