Step 1: In a medium saucepan, bring the vegetable broth to a simmer. Add a few bruised pieces of lemongrass to the broth to infuse it with extra flavor while you prep the other ingredients.
Step 2: Heat the olive oil and 1 tablespoon of butter in a large heavy-bottomed skillet or Dutch oven over medium heat. Add the shallots and cook until soft, about 3 minutes.
Step 3: Stir in the minced lemongrass and garlic. Cook for another 2 minutes until fragrant, being careful not to burn the garlic.
Step 4: Add the Arborio rice to the skillet. Stir constantly for 2-3 minutes to toast the grains until the edges are translucent.
Step 5: Pour in the white wine and stir until the liquid has been fully absorbed by the rice.
Step 6: Begin adding the warm broth one ladle at a time. Stir frequently and wait until each ladle of broth is absorbed before adding the next.
Step 7: When the rice is about halfway cooked (around 15 minutes), stir in the asparagus pieces.
Step 8: Continue adding broth and stirring until the rice is tender but still has a slight bite (al dente).
Step 9: Remove from heat. Stir in the remaining butter, Parmesan cheese, lime juice, and fresh basil.
Step 10: Season with salt and pepper. Cover and let sit for 2 minutes before serving to let the flavors meld.