Preheat oven to 350°F (175°C). In a large bowl, mix cake mix, coconut milk, eggs and 1 tbsp (15 mL) vanilla with electric mixer on low speed 30 seconds. Beat on medium speed 3 minutes. Pour into greased and floured 12-cup (3 L) Bundt pan.
Bake 35 minutes or until toothpick inserted in centre comes out clean. Cool in pan 10 minutes. Invert cake onto wire rack. Cool completely.
Meanwhile, prepare glaze by mixing sugar, milk and butter in small saucepan. Stirring constantly, bring to boil on medium heat and boil 1 minute. Remove from heat. Stir in chocolate chips and 1 tsp (5 mL) vanilla until chocolate is melted. Spoon glaze over cooled cake. Sprinkle with toasted coconut. Let stand until glaze is set.