British coach Stuart Pearce selected Giggs and Tom Cleverley in his squad for this summer's tournament.
"From speaking to Ryan, I can tell he's looking forward to it," explained Scholes to MUTV. "I hope they do well. I don't see any reason why they won't do as they've got a very good squad. Obviously there are other squads in it who want to win the gold medal but I'm sure Ryan will lead the team well and hopefully they'll go a long way in the tournament.
"Ryan's been unfortunate as Wales didn't manage to qualify [for a World Cup or European Championship] whilst he was playing for them. So it's a good chance for him to play in a big tournament. I just hope they can do well and go all the way and win it."