In a large saucepan, combine rice with a pinch of salt, sweetened condensed milk, milk, and vanilla extract. Stir until well mixed.

Place the saucepan over medium-high heat and bring to a gentle boil, stirring continuously.

Once boiling, reduce heat to low, cover, and let it simmer for 25 to 30 minutes, stirring occasionally.

Remove from heat and let sit covered for a few minutes. Serve warm, adding ground cinnamon, fresh fruit, or fruit compote if desired.