In a large pot, whisk together the sweetened condensed milk, cocoa powder, and salt till there are no lumps. Then whisk in the milk.
Add the rice. Bring to a boil over medium heat, stirring with a flat edged spoon or spatula. Turn down to medium-low heat; simmer and stir for 7-8 minutes, or until thickened.
Turn off the heat and add the vanilla and chocolate chips to the rice mixture. Stir until chocolate melts.
Serve warm, at room temperature, or cold. We like to top ours with whipped cream. Delish!
Notes
Rice pudding thickens considerably as it cools, so feel free to add extra milk as needed.
I usually use long grain rice, but short grain rice, or even arborio rice will work.
Leftover rice pudding can be stored in the refrigerator in an airtight container for 3-5 days.
This rice pudding is quite sweet, so if you prefer, you can start with just half a can of sweetened condensed milk and add more to your liking.