Marinate the fish with 1 tablespoon of fish sauce and half of the black pepper for 15 minutes.
Heat the vegetable oil and sugar in a clay pot or heavy-bottomed pan over medium heat. Stir constantly until the sugar melts and transforms into a dark amber caramel.
Add the shallots, garlic, and ginger to the caramel, stirring for 30 seconds until aromatic.
Carefully place the fish pieces into the pot. Sear each side for 1 minute to coat with the caramel mixture.
Pour in the remaining fish sauce, coconut water, and chilies. Bring the liquid to a simmer.
Reduce the heat to low, cover the pot, and braise for 15-20 minutes until the fish is tender and the sauce has reduced to a thick glaze.
Uncover and increase the heat for 2 minutes to further thicken the sauce if necessary.
Garnish with green onions and the remaining black pepper before serving.