Heat oil in a heavy pot over medium heat. Add cubed potatoes and sliced carrots, cooking until lightly golden. Remove and set aside.
In the same pan, add garlic and onion, stirring until the onion softens and garlic is fragrant.
Add beef brisket chunks and fish sauce, cooking for about five minutes until browned.
Pour in two cups of water and add bay leaves. Bring to a boil, then reduce heat to low and simmer for 50–60 minutes until the beef is tender.
Remove lid and let the liquid reduce by half. Stir in tomato paste, chili, and liver spread, cooking for an additional five minutes.
Add back the potatoes, carrots, bell pepper, and green peas. Cook for another five minutes, then stir in grated cheese. Adjust seasoning with salt and pepper as needed.
Serve hot over steamed white rice.
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Notes
Store leftovers in an airtight container in the refrigerator for up to 4 days. For longer storage, freeze for up to 3 months.