Cook pasta in boiling water 10 minutes or until al dente; add asparagus during final 2 minutes of cooking. Drain pasta mixture in a colander over a bowl, reserving 1/3 cup cooking liquid. Combine reserved cooking liquid, egg substitute, and milk, stirring with a whisk.
Heat a large nonstick skillet over medium-high heat. Add oil and onion to pan; sauté 2 minutes. Add vermouth; cook 1 minute. Add pasta mixture; stir to combine. Remove from heat; stir in milk mixture, chicken, and cheese. Place pan over medium heat, and cook 4 minutes or until slightly thick, stirring frequently. Remove from heat; stir in parsley, salt, pepper, and bacon. Serve immediately.
Raw egg yolks and whipping cream traditionally add the creaminess and fat to pasta carbonara. This lighter version with asparagus and chicken achieves the same texture with egg substitute and nonfat evaporated milk. Prevent the eggs from scrambling by being careful not to heat the egg mixture too rapidly. Eat this dish immediately to enjoy its velvety creaminess; if it stands, the sauce can become too thick.