Preheat oven to 325F (165C) and line a baking sheet with parchment paper.

In a large bowl using an electric mixer (or in a stand mixer fitted with a paddle attachment) beat butter until creamy. Add condensed milk, sugars, and vanilla extract and beat well until creamy and well-combined (about 30-60 seconds on medium speed). Pause to scrape the sides and bottom of the bowl to ensure all ingredients are well-combined.

In a separate bowl, whisk together flour, baking soda, and salt.

With mixer on low speed, gradually add flour mixture to the butter mixture until completely combined (scrape sides and bottom of bowl with spatula as needed).

Use a spatula to stir in chocolate chips.

Scoop cookie dough by Tablespoon-sized scoop and drop onto prepared baking sheet (for more uniform, round cookies, you can roll cookies into balls between your palms before placing on baking sheet, this will be a bit messy as the dough is very soft), spacing cookies at least 2” apart.

Transfer to 325F (165C) preheated oven and bake for 17-18 minutes or until cookies are golden brown all over (if your oven bakes unevenly, rotate baking sheet halfway through). Cookies will still be soft at their centers until they are cooled completely.