El Tricolor have been pitted against France, Uruguay and hosts South Africa in Group A but have gone out in the last-16 at each of the previous four World Cups.
Vela is likely to be involved as Mexico face the hosts in tomorrow's tournament opener and the striker says his nation have plenty of confidence.
"I think that the main hope, like that of everybody else, is to win it," Vela told Arsenal TV Online. "I know that it will be difficult and tricky to win it but we can dream and we can think about winning it.
"Spain and Brazil will be the teams to beat but that might be to our advantage. Being the underdogs won't make it any less difficult but we won't fear them, we will show them respect of course, but we have nothing to lose.
"We just want to give a good account of ourselves and enjoy it. Playing against those teams will be good for us.
"We have a good side and a good blend of experience and youth and that is something that will be beneficial for us. The young players are learning all of the time and others have been to World Cups before and I think that is the most important thing for us.
"We have players who like getting on the ball and like pushing forward and we can also be tight at the back, so if we make the most of what we have got lets see how it goes."