Rinse the raw peanuts under cold water and drain them well. Slightly pat them dry using paper kitchen towels.
Transfer the peanuts to a non-stick skillet and toast them over medium heat for about 15 minutes, stirring regularly to toast them evenly. Alternatively, you can simply roast the peanuts for about 15 minutes in a 350°F (175°C) pre-heated oven. Transfer the roasted peanuts to a bowl and let cool completely.
Heat the oil in a non-stick skillet over medium heat. Once hot, add the minced chili and garlic and sauté for 2-3 minutes. Remove from heat and set aside.
To the same skillet, add the sugar and water, and heat over medium heat until it turns into a caramel.
Once your caramel is golden brown, deglaze the skillet with the vegan fish sauce or soy sauce. Note: the caramel will first harden and will liquify again after a few minutes. Add the toasted peanuts, salt, and sautéed chili and garlic. Cook for 3-5 minutes, stirring regularly to coat the peanuts with the caramel and the aromatics.
Transfer the coated peanuts to a baking sheet lined with parchment paper and arrange them into an even layer. Let cool while the oven is preheating.
Preheat the oven to 200°F (90°C). Once hot, transfer the baking sheet to the oven and bake for 1 hour.
Remove from the oven and let cool completely before transferring to a airtight container or jar. Enjoy as a snack or use as a topping for salads, curries, tacos, etc!
Peanuts will keep at room temperature stored in an airtight container for up to 2 weeks.