Paraguay beat Chinese Taipei to take one step closer to FIFA Women's World Cup qualification ©Getty Images

Paraguay and Panama are set to battle for a place in this year's FIFA Women's World Cup after picking up victories in the Play-Off Tournament taking place in New Zealand.

Paraguay won the first of two Group C semi-finals played today as they produced a stunning comeback to beat Chinese Taipei at Waikato Stadium in Hamilton.

After finding themselves 2-0 down with 15 minutes to go, Paraguay's World Cup hopes looked to be dashed.

The opening goal was the stand-out moment as Lai Li-chin pulled off a fantastic first-time strike from Chen Yen-ping's cross.

Su sin-yun then doubled the lead in the second half with a simple finish.

However, two goals in as many minutes from Dulce Quintana and Lice Chamorro forced the game to extra time.

No goals were scored in this period, meaning penalties ensued.

Zhuo Li-ping and Pao Hsin-hsuan missed from the spot as Paraguay prevailed 4-2 in front of the 804-strong crowd.

Outstanding goals from Marta Cox and Riley Tanner helped Panama to cruise past Papua New Guinea.

Cox unleashed an overhead kick in the 12th minute at Auckland's North Harbour Stadium before Tanner made it two with a brilliant solo run and left-footed finish.

It was a lopsided fixture with Papua New Guinea doing well to limit their opponents to just two goals as they notched up 36 shots.

The action is set to continue on Wednesday (February 22) when Portugal take on Cameroon and Chile face Haiti.

The winners of both matches will confirm their qualification to the FIFA Women's World Cup, scheduled to take place from July 20 to August 20 in Australia and New Zealand.

The following day will then see either Paraguay or Panama advance.