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In a wok or large skillet over medium high heat, add the oil, shallots, garlic, ginger and bell peppers and sauté for 2-3 minutes.
Push the veggies off to the side and add the ground beef, breaking it up into small pieces as it cooks. (I like to use a meat chopper to break up the meat in very small pieces.)
In a small bowl, stir together the brown sugar, fish sauce, soy sauce, oyster sauce, chili paste, cornstarch, beef broth, and water and add to the pan. Simmer for 5-10 minutes
Add the basil and stir. Serve over hot steamed rice, with chopped green onion on top.