In a large mixing bowl, combine warm water, sugar, and instant yeast. Let it sit for about 5 minutes until it becomes frothy.

Add the sweetened condensed milk, softened butter, egg, and vanilla extract to the yeast mixture. Mix until well combined.

Gradually add the flour and salt to the wet ingredients, stirring until a dough forms.

Knead the dough on a lightly floured surface for about 8-10 minutes until it is smooth and elastic.

Place the dough in a greased bowl, cover it with a clean kitchen towel, and let it rise in a warm place for about 1 hour or until it has doubled in size.

After the dough has risen, punch it down to release the air. Shape it into a loaf and place it in a greased 9x5-inch loaf pan.

Cover the loaf pan with the kitchen towel and let it rise for another 30-45 minutes, or until it has risen above the edge of the pan.

Preheat the oven to 350°F (175°C). Bake the bread for 25-30 minutes, or until the top is golden brown and the bread sounds hollow when tapped.

Remove the bread from the oven and let it cool in the pan for 10 minutes before transferring it to a wire rack to cool completely.