Line a baking sheet with parchment paper.

In a mixing bowl, combine sweetened shredded coconut, sweetened condensed milk, and vanilla extract.

Shape the coconut mixture into small, oval mounds and place them on the prepared baking sheet.

Refrigerate the mounds for at least 15 minutes, or until firm.

In a microwave-safe dish, melt the chocolate chips and coconut oil in 30-second intervals, stirring in between.

Using a fork or dipping tool, dip each coconut mound into the melted chocolate, allowing the excess to drip off.

Place the dipped candies back on the parchment-lined sheet.

Allow the chocolate to set at room temperature, or refrigerate for a few minutes.

Once the chocolate is firm, enjoy your Mounds candy!