Heat oil in large pan over medium heat. Saute carrot and red pepper for 3 minutes. Remove and set aside.
Return pan to heat and saute green onion, lemongrass and ginger for 1-2 minutes.
Add the brown sugar and chicken stock and bring to a boil. Cover and simmer for 20 minutes.
While soup is simmering soak noodles in tap hot water for 5 minutes. Drain.
Remove broth from heat and pour through a fine strainer to remove green onion, lemongrass and ginger. Return to the pan and add coconut milk, chicken, fish sauce, lime juice, hot sauce and noodles. Cook for 5 minutes or until hot.
Divide soup into 6 bowls. Garnish each bowl with green onion, bean sprouts, basil leaves and lime. Serve hot.