Combine the canned coconut milk and honey (or whatever sweetener you're using) into a small sauce pan.
Whisk the milk and honey mixture over medium heat until the honey has dissolved.
Bring to a boil and boil for 1 to 2 minutes.
Reduce the heat to medium low, or until the mixture is at a gentle simmer. Simmer for 45-55 minutes until the dairy free caramel has reduced by half, and darkened in color.
Remove from the heat and stir in the vanilla extract and sea salt.
The caramel will continue to set up and thicken as it cools. So I highly recommend storing it in an airtight container in the fridge overnight before using.