The All Whites have advanced to the Kirin Cup final in Japan after beating Panama in a penalty shootout in Yokohama.
New Zealand were first on the scorecard when Marko Stamenić found the back of the net after 13 minutes.
They looked set to head to the break with a 1-0 lead when Giovany Herbert scored an equaliser for Panama just on halftime.
The second half saw a host of personnel changes and neither team really found their rhythm. In the end it came down to which team could score off the spot.
Tyler Bindon, Marko Stamenić, Moses Dyer, Lachlan Bayliss and Michael Boxall all held their nerve to secure victory for New Zealand.
The team will now head to the final at Tokyo National Stadium on Monday 5 October.