In a medium-sized, heavy bottom pan over medium-high heat, add the coconut milk, honey, sea salt and vanilla extract. Bring to an active simmer and then promptly reduce the heat to medium-low and allow to barely simmer untouched for about 55-60 minutes.
The color should darken to a rich dark amber color and it should reduce by about half. Near the end, be sure to stir the caramel often, so it doesn't burn too much, a little sticking and browning is good, it enhances the rich caramel flavor.
Once it has reduced and it's thick and luscious, remove from the pan and place in a glass bowl to cool down and thicken.