Add the vegan butter and shortening to a bowl of a stand mixer fitted with the paddle attachment. Beat on medium speed for 30 seconds to 1 minute, until combined. Scrape down the bowl as necessary.

Add the powdered sugar and cocoa powder and mix on low speed.

Add the vanilla extract and coconut milk and continue to mix on low speed until the sugar is incorporated into the butter/sugar mixture.

Scrape down the bowl and then turn the mixer to medium speed and beat for about 30 seconds to 1 minute until the frosting is fluffy. (Add additional milk if you want a thinner consistency.)

Frost cake/cupcakes immediately. Frosting can be refrigerated and brought to room temperature until ready to use.