You are forgetting one crucial thing: they are your PhD students and, therefore, they have to produce a thesis by the end of their 3–5 years of work. The most important thing you need to worry about is if giving the two students the same project will result in one student not being able to include the work they did as part of their thesis.
For instance, I was friends with the students in a research group who all worked simultaneously using the same machine, running all the experiments together. They were, however, very clear on whose project each experiment was for, and who was to be the lead for each series of experiments. All of them were authors on the papers, but only one of them would be the primary researcher, if that makes sense. Consequently, even though everyone contributed to each experiment, only one person could include the particular series of experiments in their thesis. This was only possible because their experiments only lasted a few hours each day, and they could record all experiments for each individual system (project) in less than 4 weeks. That does not seem to be the case here.
It sounds like you are suggesting that both students work on the same project where no one student is the lead. What this might mean is that Person A, who has spent 2+ years working towards Project 1, may face the threat of having Person B swoop in and take this project away from them because, if Person B were to complete Project 1, it would only be right for them to include it in their thesis (meaning Person A couldn't).
You could, on the other hand, put Person B onto a Project 2, which is closely related to Project 1 and could, eventually, feed into it, but it would have to be such that they were sufficiently distinct enough for each to be able to be included in separate theses. That way, Persons A and B would eventually be able to help each other out and have someone to bounce ideas off (which might increase the productivity of Person A). It would only be ethical to put another person on Project 1 once Person A has already finished up their thesis.
If you're worried about Person A not getting anywhere in their project, I would suggest that you talk through the problem with them and point them in the direction of the answer. If they're not stuck, and they're just lazy, give them deadlines (better yet, have them come up with their own fortnightly goals) and let them know they need to do more. If this has not already come up during their performance reviews, then I'd question what it is you think being a supervisor actually entails.