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In a medium saucepan, combine the coconut milk and brown sugar over medium heat, stirring until the sugar dissolves. Bring to a steady boil, then reduce the heat to medium-low and cook, stirring occasionally, until the mixture thickens and reduces to about 3/4 cup, 18–22 minutes. It should coat the back of a spoon and turn a deep amber color.
Remove the caramel from the heat and stir in the 2 tbsp vegan butter and 1/2 tsp salt until smooth. Set aside to cool to room temperature, about 20 minutes — it will thicken further as it cools.
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