In a heavy pot or Dutch oven, combine sugar and water over medium heat. Cook without stirring until it turns deep amber, 5-7 minutes, swirling the pot occasionally.
Carefully pour in the coconut water (it will bubble vigorously) and stir until the caramel dissolves into a smooth sauce.
Add the pork, fish sauce, garlic, shallots, and black pepper. Stir to coat the pork in the caramel sauce.
Bring to a simmer, cover, and cook on low heat for 1 hour, stirring occasionally, until the pork is tender.
Nestle the hard-boiled eggs into the pot, cover, and simmer 20 more minutes so they soak up the sauce and turn a deep mahogany color.
Uncover and simmer 10 more minutes to thicken the sauce to a glossy coating. Serve over jasmine rice with extra sauce spooned on top.
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