Combine the ingredients for the marinade in a shallow dish. Add the chicken to the dish and coat it well with the marinade. Cover the dish and marinate overnight.
Prepare the honey dipping sauce by combining the water, sugar, and honey in a small saucepan. Heat over medium heat, stirring until the sugar dissolves. Pour the mixture into a bowl and add the crushed red pepper. Let it cool to room temperature, then stir in the white vinegar and fish sauce. Season with salt and freshly ground black pepper to taste. Refrigerate until ready to use.
To grill the chicken, scrape the marinade off the chicken breasts and season with salt and freshly ground black pepper to taste. Grill the chicken skin side down for about 3-4 minutes, until the skin is lightly charred and crisp. Reduce the heat or move the chicken to a cooler part of the grill, and let it cook for another 2 minutes. Turn the chicken over and cook until desired tenderness, about 4-5 minutes.
Let the chicken rest for 3-5 minutes before slicing. Serve with warm steamed rice.