Bring a large pot of lightly salted water to a boil. Add pasta and cook for 8 to 10 minutes or until al dente; drain.
In large bowl, combine pasta, carrot, green capsicum and onion. In medium bowl, combine vinegar, sugar, condensed milk, mayonnaise, salt and pepper. Toss salad with dressing and chill 4 hours in refrigerator before serving.