Prepare the tofu: Press firm tofu to remove excess water, then cut into 2cm cubes.
In a small bowl, whisk together soy sauce, vegetarian oyster sauce, sugar, cornstarch, and water to create the sauce mixture. Set aside.
Heat cooking oil in a wok or large frying pan over medium-high heat. Add the tofu cubes and pan-fry until golden brown and crispy on all sides. Remove tofu from the wok and set aside.
In the same wok, if needed, add a little more cooking oil. Add minced garlic, minced ginger, and chopped fermented black beans. Stir-fry until fragrant, about 30 seconds.
Add the red bell pepper and green bell pepper to the wok. Stir-fry for 2-3 minutes until they are slightly tender-crisp.
Return the pan-fried tofu to the wok. Pour in the prepared sauce mixture. Stir-fry quickly to coat all ingredients evenly, allowing the sauce to thicken.
Garnish with sliced scallions and serve immediately with steamed white rice.
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