Heat the oil in a large saucepan over medium/low heat.
Saute the sliced onion in the oil for 5 minutes, until the onions are soft but not brown.
Dissolve the cornstarch in the water, then add it to the onions, followed by the corn syrup, tomato paste, salt, and red pepper flakes. Stir.
Bring the mixture to a boil, then reduce the heat and simmer for 20 minutes.
Add the vinegar. Continue to simmer for an additional 10 minutes or until most of the liquid has reduced and the sauce is thick.
