Open the chilled coconut cream. Set aside the lighter clear liquid, you will only need the solid white cream part.
Combine the coconut cream and coconut sugar in a small saucepan over medium heat. Once it reaches a boil, lower heat to medium low and continue to whisk for 10 minutes.
Caramel will reduce – thickening and deepening in color. DO NOT stop whisking or you will burn the caramel. Remove from heat and add in vanilla.
Caramel will thicken as it cools. Store in a sealed container in the fridge for up to 1 month.
If your coconut cream is not separated into the solid white cream and the clear liquid, it might not have chilled long enough. I usually put mine in the fridge overnight. Also, some brands sadly don't separate, I'm not quite sure why. I love using Thai Kitchen brand.