Prepare sauce: In a small bowl, combine vegetarian oyster sauce, light soy sauce, sugar, white pepper, cornstarch, and water. Stir well and set aside.
Pan-fry tofu: Heat half of the vegetable oil in a wok over medium-high heat. Add firm tofu and pan-fry until all sides are golden brown and crispy. Remove tofu from wok and set aside.
Stir-fry aromatics and vegetables: Add the remaining vegetable oil to the wok. Add garlic and ginger and stir-fry until fragrant. Add lotus root, asparagus, and carrots. Stir-fry for 3-4 minutes until vegetables are slightly tender-crisp.
Combine and sauce: Return the pan-fried tofu to the wok. Pour in the prepared sauce mixture. Stir-fry quickly until the sauce thickens and coats all ingredients evenly.
Add macadamia nuts: Stir in the toasted macadamia nuts just before serving. Toss gently to combine. Serve immediately with steamed rice.
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