Pour the sweetened condensed milk into the bottom of an 8–10 oz glass and stir in the vanilla extract until smooth. Set the glass aside near your brewing station.
If using a phin (Vietnamese drip filter), remove the top perforated screen and add the coarsely ground coffee. Tamp the grounds gently with the press so they sit level but not tightly compacted.
Place the phin over the prepared glass. Pour about 1 tablespoon of the hot water to just wet the grounds and let them bloom for 30 seconds — this opens the flavors and slows the drip for a richer cup.
Screw the screen on (if your phin has a screw) and slowly pour the remaining hot water to the top. Cover and allow the coffee to drip through; the total brew time should be about 4–6 minutes. If it finishes much faster, the grind is too coarse; if much slower, grind is too fine.
When brewing is complete, remove the phin and use a spoon to vigorously stir the hot coffee into the condensed milk mixture until fully combined and slightly frothy.
Fill a serving glass with crushed ice (or a cup of ice), then pour the sweetened coffee over the ice. Give the drink one final gentle stir and serve immediately.