United open their campaign with a trip to Sporting Lisbon on Wednesday, offering Cristiano Ronaldo and Nani an opportunity to shine against their former club.
And, with Carlos Tevez, Anderson and Owen Hargreaves joining Nani as new-boys in a far stronger United squad, Giggs feels the Old Trafford outfit have every reason to approach the tournament with confidence.
"We are better equipped for Europe than we were last year," said Giggs.
"We have brought in players who have experience in Europe and hopefully, the younger lads can learn from their experience in Europe last year.
"I remember when I was a young lad, I learned something new from every game I played in Europe, especially away from home.
"Each game you play you get better and have more confidence. Hopefully that will be the case for the team this year."
Giggs is confident about the chances of progression providing United can avoid defeat on Wednesday.
"If we play to our best ability, we should get out of the group quite comfortably," he said.
"It is a tough group because they are all good teams and the away games will all be particularly hard.
"Hopefully we will get off to a good start. If we do that, we will be confident about going through."