Rinse the rice under cold water until the water runs clear.
In a saucepan, combine the rice, coconut milk, water, sugar, vanilla extract, and salt.
Bring to a boil over medium heat, then reduce the heat to low and simmer, stirring occasionally, until the rice is tender and the mixture is creamy, about 30 minutes.
Remove from heat and let cool slightly before serving. Enjoy warm or chilled.