Cook carrots in 2 quarts boiling water in a Dutch oven 5 minutes. Add asparagus, and boil 5 minutes; drain.
Combine sugar and next 3 ingredients in a small saucepan; stir in orange juice. Bring to a boil, stirring constantly; boil, stirring constantly, 1 minute. Remove from heat; add butter, stirring until melted. Toss with carrots and asparagus.