Prepare and cut all vegetables. Set them aside.
Trim any excess fat from the beef brisket, if needed. Blanch the meat in boiling water for 1-2 minutes. Drain the water and cut the brisket into cube-sized chunks.
In the Instant Pot, press the "sauté" button and add 1 tablespoon of oil. Add ginger, garlic, and red curry paste. Sauté until well combined and aromatic.
Add the carrots and beef brisket to the pot. Sauté for at least 1 minute.
Add rock sugar, star anises, and 1 cup of water to the pot.
Close the lid, turn the steam release handle to "sealing," and set the Instant Pot to cook under high pressure for 25 minutes.
After 25 minutes, release the steam and add the potatoes and lychee to the pot.
Close the lid again, set the steam release handle to "sealing," and cook under high pressure for an additional 12 minutes.
Meanwhile, prepare the sauce by mixing soy sauce, oyster sauce, cornstarch, and 2 tablespoons of water in a small bowl.
Once the 12 minutes are up, release the steam and switch the Instant Pot to "sauté" mode. Add the prepared sauce and allow the mixture to boil.
When the sauce starts boiling, pour in the coconut milk and wait for it to reach a boil again.
The dish is now ready to serve.