Darren Bazeley again made alterations to his starting XI, bringing in Andrew Blake and Cory Brown while Deklan Wynne moved into an advanced midfield role.
The first chance of the game actually fell to the home side - with Alex Rufer pulled down by his marker as he pursued a through ball - but when Portugal settled into their rhythm they were quick to take control.
Like most teams from the Iberian country, their passing and movement was a joy to watch, with neat triangles that constantly created space.
In the first half New Zealand found it difficult to stop their progress - even inside the penalty area - and only some desperate headed clearances from Bill Tuiloma prevented early damage.
A Portuguese goal seemed like only a matter of time; a free header, a shot grazing the post, another floating just wide. But when it did come - in the 24th minute - it was extremely soft, especially at this level. Moses Dyer dived in and lost his footing, allowing Raphael Guzzo to turn and stroke the ball unchallenged into the far corner.
New Zealand lifted in response, creating half chances to Monty Patterson and Noah Billingsley and slowly but surely they started to believe, beginning to realise that they could compete.
Portugal still looked much more likely, before New Zealand substitute Stuart Holthusen sent the crowd into a frenzy with an equaliser in the 64th minute, slotting home from close range.
It was scrappy but a just reward, and the "All Whites, All Whites" chant began to ring around Waikato Stadium. That set up a frenetic finale, and Holthusen had another great chance before Gelson Martins struck his late, late goal from the edge of the area as defenders hung off him.
Portugal 2 (R.Guzzo G. Martins)
New Zealand 1 (S. Holthusen)
Half-time: 1-0
