Cut the carrots into suitably thick slices, ideally in the shape of flowers. Cut the onion into wedges. Quarter the tomatoes and dice them into cubes.
Use a mini chopper to mince garlic and shallots separately. Cut the lemongrass stalks into short baton-like shapes. Slice some of them finely to mince with the chopper.
Cut the beef into bite-sized cubes. Soak them in a mixture of minced aromatics (lemongrass, garlic, shallots), five-spice powder, turmeric powder, ginger powder, cashew powder, black pepper, chili powder, Vietnamese fish sauce, brown sugar, and oyster sauce. Mix vigorously and marinate for 20 - 30 minutes.
Sear the marinated beef cubes on all sides for a few minutes in the mini stock pot. Set aside.
Saute minced shallots and garlic in olive oil, then add tomato cubes to the pot. Stir-fry until they turn soft. Add minced garlic and lemongrass batons, then cook until fragrant.
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Return the beef to the pot and give a good stir. Add star anise, cinnamon sticks, and bay leaves to the pot. Cook for 2 minutes.
Pour coconut water into the pot and turn down the heat. Season with salt and brown sugar, then stew for 1 hour 15 minutes. Then, add carrot slices and cook for another 15 minutes.
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Remove star anise, bay leaves, cinnamon sticks, and lemongrass batons from the pot. Turn up the heat and add onion wedges.
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To thicken the stew, mix cornstarch with a little water, then stir the mixture with it.
Garnish with Thai basil, scallions, and onion slices/ rings on top. Serve with fresh herbs and baguettes.