In a small bowl, mix all the ingredients of the spicy paste. Stir until sugar is completely dissolved. Set aside.
Heat oil in a pan over medium-high heat. Fry the pork belly pieces until brown and slightly crispy. Do this in batches to maintain the heat of the pan. Transfer cooked pork into a bowl. Set aside.
Set heat to high, add squid rings to the pan once oil starts to smoke. Stir-fry for 1 to 2 minutes only. Remove from the pan immediately and transfer to a plate. Set aside.
In the same pan, stir-fry the carrots, garlic, onion and half of the onion leaves. Transfer to a plate once the carrots are cooked.
Add two teaspoons sugar and fried pork in the pan. Stir until pork is coated with the sugar. Add back the squid rings then pour the spicy sauce. Stir until well combined, about 1 minute. Add back the vegetables then stir for another minute. Turn off heat and serve immediately.
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Notes
Clean the squid thoroughly—ink sac and tail tube and cartilage removed, beak removed from tentacles. Follow the link to view step by step procedures on how to clean and prepare squid.
Use a timer to make sure that squid is cook for no more than 2 minutes. Overcooked squid can have a rubbery texture.
Taste the sauce or paste after mixing. Add more sugar if you find it too spicy. Sugar helps balance out the saltiness and spiciness of the sauce.