Bale has admitted that it is "a massive honour" to move past the Dragons legend, and Giggs feels that the Real Madrid deserves to write himself into the history books.
The 44-year-old is quoted by BBC Sport as saying: "What can you say about 'Baleo', breaking someone like Ian Rush's record? Ian Rush is one of the greatest goalscorers who has ever lived.
"It's an absolutely fantastic achievement. He lifts everyone as he has an X-factor. He can hurt any team in the world. Once upon a time I think this was a record people thought would never be beaten. It's a fantastic moment for Gareth and he fully deserves it."
Wales will face either Uruguay or the Czech Republic in the China Cup final, with Giggs looking to win his second successive match in charge.