In a stockpot, whisk together the coconut milk, granulated white sugar, light brown sugar, vanilla extract, baking soda, and salt. Bring to a boil over medium heat, stirring occasionally, for about 10-12 minutes until the sugars dissolve.

Once boiling, reduce heat to medium-low. Simmer gently, stirring occasionally, for 37-42 minutes until the caramel reaches a dark brown color.

Remove the pot from heat and let the caramel cool completely in the pot to thicken and develop flavor.

Strain the caramel through a fine-mesh sieve into a clean jar to ensure a smooth texture, removing any undissolved sugar bits.