In a bowl of a stand mixer fitted with a paddle attachment (or using a handheld electric mixer), beat the cream cheese, confectioners sugar, and vanilla extract for 3 minutes. Scrape down the sides of the bowl halfway through to ensure everything is well combined.
Next, add ¼ of the vegan whipped cream into the cream cheese mixture. Whisk everything together to help loosen up the cream cheese mixture.
Add the remaining vegan whipped cream into the bowl and fold everything together using a rubber spatula until just combined. Don’t overmix, otherwise you’ll deflate the whipped cream.
Cover the bowl or transfer the frosting to a new bowl or container. Cover with plastic wrap and refrigerate for 4-6 hours or overnight until thickened.
When ready to use the frosting, spread onto your favorite cake recipe or place into a piping bag and pipe onto your cake or cupcakes.